Import market for Buckwheat in Turkiye (6월, 2022)

The Ministry of Agriculture is contemplating increasing the export duty on wheat by 10% in an effort to stabilize domestic market prices, as the cost of production is rising due to high global demand. If the world price of wheat surpasses $375, the export duty for exporters will be raised to 80%. Despite expectations of a high grain harvest of approximately 128 million tons, which is expected to double exports and increase supply, the Russian Grain Union predicts a change in the trend of rising grain prices in the next agricultural year. The Ministry of Agriculture is also considering a quota system for grain exports to control the desire of exporters to increase sales, given the high demand and rising prices. Russia currently dominates the world wheat market, with plans to account for 21% of global wheat trade in the new season, up from 18%.