Russia, the world's largest wheat exporter, has announced the reduction of export duties on wheat, corn, and barley to zero starting from December 10th. This is the first such move since August, resulting from a global decline in grain prices. These duties had been imposed in 2021 to protect the domestic market from rising prices, and were adjusted weekly by 70% of the difference between the government-set base price and the market price. The decision comes after three consecutive weeks of falling Russian wheat export prices under pressure from a global surplus of supply. Moscow plans to export between 53 and 55 million tons of grain during the current marketing season.
