Russia's wheat export tax, which Moscow introduced on June 2 and is changing each week, will drop to $41.20 per tonne from July 7, according to data from the agriculture ministry.
Prices for new-crop Russian wheat with 12.5% protein loading from Black Sea ports and for supply in the second half of July were at $256 a tonne free on board (FOB) at the end of last week, down $4 from the previous week, IKAR said.
IKAR and Sovecon forecast Russia's 2021 wheat crop at 79.5 million tonnes and 80.9 million tonnes respectively.