The Russian government recently announced a resolution to restrict wheat exports starting Feb. 1, 2015.
According to Agri-Pulse, the export duty will be 15 percent of the customs price, plus 7.5 euros, but not less than 35 euros per tonne.
Russia hopes to stabilize its domestic grain market by introducing the duty. And it could create new opportunities for U.S. wheat.
A spokesperson for the U.S. Wheat Association said the U.S. will be able to supply the world with any deficit Russia’s government intervention creates.