The Russian Federation has announced it will reduce the tax on wheat exports from the beginning of October to encourage sales in view of ample wheat supplies after the 2015 good production. Based on the contract price in US dollars, the previous mechanism levied a tax in roubles of half the contract price minus 5 500 roubles, with a minimum threshold of 50 roubles per tonne. Under the new criteria, the tax will be calculated as half the contract price minus 6 500 roubles, with a minimum threshold of 10 roubles per tonne.