Russia abolishes grain export duty

The Russian Ag Ministry have today confirmed that Russia will no longer charge wheat and barley export duty as of July 1.

The government imposed export duty on wheat and barley Nov. 12, 2007, in order to prevent prices rising on the domestic market due to a poor harvest.

The wheat export duty was originally 10% but was raised to 40% in January; the barley export duty of 30% was imposed in November 2007 and didn't change.

That's a well-timed kick in the cream crackers for European exporters just before the harvest starts.