Wheat could get pricier as Russia mulls higher export tariffs
Brace yourself for pricier wheat as Russia mulls raising export tariffs on the grain: Russia, the world’s largest wheat exporter, is considering imposing higher export tariffs if wheat prices reach USD 375 / ton, with a bigger hike proposed if prices reach USD 400 / ton, according to a government proposal that would see Moscow revise the formula used to determine the tariff. Prices are still trading at lower than the threshold above which the tariff would be raised, with wheat from Black Sea ports trading at USD 335 / ton as of last week, according to Bloomberg. Egypt, the world’s biggest wheat importer and previously Russia’s biggest buyer, has been forced to diversify its wheat purchases as it faced steeper import bills this season with wheat prices surging to their highest in years.
Other things we’re keeping an eye on this morning:
- Egyptian e-commerce website builder zVendo has launched zVendo Food, a new service tailored to the F&B sector that allows vendors to create web stores and mobile apps, according to a press release (pdf).
- Elsewedy Electric subsidiary Rowad Modern Engineering was awarded (pdf) a EGP 996 mn contract to construct the Mivida Office Park for Emaar Misr, and another 602 mn contract to construct the New Giza Hospital for New Giza (pdf).