Russia Scraps Grain Export Duty Through End of 2026

The duty's removal matters less as a price signal than as a signal of intent: Moscow is prioritising export volumes over tax revenue for a multi-year window, which points to a structural bet on moving grain rather than capturing margin at the border. The absence of scope or volume detail leaves the practical effect unclear, and that ambiguity itself is the story — traders and buyers cannot yet gauge whether this covers the full export basket or specific flows. Whether the exemption translates into materially higher shipments, or merely formalises what was already moving, is the open question worth watching.