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Russia to sell 21.9m tonnes of wheat overseas in 2015

Russia to sell 21.9m tonnes of wheat overseas in 2015

MOSCOW: In its official Twitter account, the Russian cabinet of ministers said the decision was made to abolish the export customs duty for wheat.

The duty was imposed Feb. 1 to stabilize bread and flour prices on Russia’s domestic market. The duty was equal to 15% of the customs value plus €7.5, but at least €35 per tonne.

Traders have said they may export 1.2 million tonnes of wheat through the end of the season on June 20. Monthly shipments, which averaged 516,000 tonnes in February and March, were cut in half because of the duty.

Russia is expected to sell 21.9 million tonnes of wheat overseas this season. Data from the Agriculture Ministry shows about 20 million tonnes has been shipped as of May