Russian government obviously considers to lower export duty on wheat

According to Russian newspaper reports, the Russian agricultural ministry is discussing whether to reduce export duty on wheat and whether higher purchase prices should be paid for wheat in order to replenish state reserves. 

Russian export duty on wheat is currently 50% of the domestic wheat price minus 5,500 roubles, though not less than 50 roubles per ton. Allegedly, the agricultural ministry has agreed to raise the tax exempt amount from 5,500 to 6,500 roubles. 

According to the report, the purchase price paid for stock purchases by the agricultural ministry is also to be increased by 1,000 roubles per ton. The Russian agricultural ministry has yet to comment on this report. 

"An easing of the export duty could result in a higher rival wheat supply from Russia, which would thus weigh on the EU wheat price", says Commerzbank.