Russian Traders Race to Export Wheat Before New Tax Bites (1)

Traders are rushing to ship out Russian wheat before an export tax kicks in next month, but are facing higher costs to do so just as a storm hits key Black Sea ports.

Costs to book ships and trucks have surged as traders try to step up exports before mid-February, when Russia will impose restrictions to keep domestic prices in check, the Institute for Agricultural Markets Research said. The top exporter will ship out record amounts for a January, consultants said.

The nation this month announced a stricter-than-expected export tax after President Vladimir Putin demanded action to cool domestic food ...