Wheat rose to a six-year high in Chicago after top exporter Russia said itâs ratcheting up efforts to cool domestic food inflation by curbing grain exports.
Russia said Friday that a new duty on shipments will rise even more than expected, just a few weeks after being imposed in mid-February, and taxes will continue at some level after the current season ends in June. The government had announced an initial tax in December, alongside a grain-export quota, after President Vladimir Putin demanded action following sharp increases in prices for pantry staples.
The Russian measures, combined with tightening supply elsewhere and surging Chinese demand, have already helped drive global grains prices to multiyear highs. Thatâs stoking worries over global food inflation at a time when hunger is surging around the world.