Russia lowers export duty on wheat from today

Russian Prime Minister Dmitry Medvedev signed a decree yesterday that will lower Russian export duty. 

Duty will be set at 50% of the domestic price per ton, minus 6,500 roubles (previously 5,500 roubles), notews Commerzbank. The minimum duty will be reduced from 50 roubles to 10 roubles per ton. Although this step had been largely anticipated by market participants, it could nonetheless result in more wheat reaching the market from Russia, says Commerzbank in a research note.