COM - Wheat pops to six-year high as top shipper Russia hikes export tax

Chicago wheat futures (W_1:COM) soared this week to their highest since 2014 on support from prospects for rising U.S. exports, after leading world supplier Russia said its new wheat export tax will rise even more than expected.Russia's wheat duty will rise to €50/ton ($61) from €25/ton on March 1, the Economy and Trade Ministry says, after the agriculture ministry earlier this week proposed an increase to €45/ton.ETFs: [[DBA]], [[MOO]], [[WEAT]], [[RJA]], [[VEGI]]Russia is adding to measures announced late last year after Pres. Putin told the government to reduce food price inflation because of sharp increases for staples such as bread and sunflower oil.A grain export quota and wheat export tax that will both kick in Feb. 15 have combined with tightening supply elsewhere and surging Chinese demand to drive global grains prices to multiyear highs.

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Wheat pops to six-year high as top shipper Russia hikes export tax