Russian Taxes to Blame for Wheat Export Fall

Russia's wheat exports have greatly reduced since the government started taxing overseas shipments as a way to reduce local food prices, reports Bloomberg.

The country will sell 65 per cent less wheat in March than the previous year, according to estimates from ZAO Rusagrotrans, which carries grain by rail.

In February, when the tax took effect, exports plunged 45 per cent, government figures show.

The declines represent a turnaround for Russia’s international wheat business that last year sold more grain to overseas buyers than any country except the US, Canada and France - continue reading.

Rice subsidies too high in developing countries

Several key advanced developing countries have ramped up subsidies to their producers of rice, corn, and wheat, according to a new study.

The joint study by the USA Rice Federation and US Wheat Associates found that subsidies in Brazil, China, India, Thailand, and Turkey exceed each country's commitment to the World Trade Organization (WTO).

Representatives of the US organisations said that these issues must be addressed as part of a renewed push to complete the Doha Round of trade negotiations, which are aiming for major reform of the international trading system - continue reading.

Also this week...

Evidence for the negative impact of neonicotinoid pesticides on the environment is rapidly increasing, according to a joint report from the European Academies of Science to the European Commission - read more.

EU maize has maintained its position as the most competitive EU feed grain, when compared with feed wheat and feed barley, since October.

However, the latest prices show that maize appears to be drifting closer to barley’s price position - read more.

~ Gemma