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According to FAS-USDA, the Russian Government lifted duties on wheat exports beginning May 15, 2015, and expects that Russia may export an additional 1 million metric tons of wheat by the end of MY 2014/15.
An export duty on wheat in the amount of 15 percent of customs value plus 7.5 Euro, but not less than 35 Euro per 1 metric ton (MT) was in force since February 1, 2015.
According to Russian Customs, wheat exports dropped from 2.04 million metric tons (MMT) in January 2015 to 0.45 MMT in February 2015. Total wheat exports from July 1, 2014 through th e end of April 2015 are estimated by the Ministry of Agriculture at 19.95 MMT. However, only 1.5 MMT of this amount were exported from February 1, 2015 through end of April 2015. By comparison, in MY 2013/14, Russia exported 3.6 MMT in the same period (Fe bruary through April 2014). Meanwhile, domestic stocks of wheat in Russia remain high, and a good forecast for the 2015 winter wheat crop have pushed domestic wheat prices down
Friday May 15, 2015/ FAS-USDA/ United States.
http://gain.fas.usda.gov
