Russia’s wheat export tax expected to deliver big pay day for Australian farmers

Russia is about to double its controversial wheat export tax, a decision tipped to have positive ramifications for Australian farmers.

The tax was introduced on February 15 by the Russian government in a bid to reduce rising domestic food prices.

The tax will double next week, on March 1, to 50 euro per tonne ($A76/t) before moving to a permanent floating tax in June.

Russia is the world’s largest exporter of wheat and has reportedly hit a record pace this month as exporters scramble to load as much wheat as…