Russia is about to double its controversial wheat export tax, a decision tipped to have positive ramifications for Australian farmers.
- On March 1, Russia will double its export tax on wheat to €50 per tonne
- The tax in Russia is set to increase demand and prices for Australian wheat farmers
- Australia has just harvested its biggest wheat crop on record
The tax was introduced on February 15 by the Russian government in a bid to reduce rising domestic food prices.
The tax will double next week, on March 1, to 50 euro per tonne ($A76/t) before moving to a permanent floating tax in June.
Russia is the world’s largest exporter of wheat and has reportedly hit a record pace this month as exporters scramble to load as much wheat as…