Australian grain growers could cash in on Russia’s beefed-up wheat export taxes with a record local crop still on the cards.
ANZ’s latest agricultural commodity report has found Russia’s decision to impose a wheat export tax of $80/tonne from March until June could benefit Australia.
Moscow has imposed the tax in a bid to reduce domestic wheat prices and increase availability for food and feed.
As a result, Russian wheat is more expensive than Australian varieties for the first time.
“The move by Russia, the world’s largest wheat exporter, to impose export taxes on its wheat will bring a renewed focus to Australian wheat,” ANZ’s Michael Whitehead said on Wednesday.
While the ongoing wet season may have slowed the harvest in parts of…