PARIS: Euronext wheat futures climbed to a 7-1/2 year peak on Friday as plans by leading supplier Russia to double a wheat export tax added to uncertainty about the global availability of staple grains.

March milling wheat on Euronext added as much as 2.6% to 235.75 euros ($285.16) a tonne, its highest since May 2013.

By 1630 GMT it was up 2.75 euros, or 1.2%, at 232.50 a tonne, with gains curbed by an easing in Chicago wheat after a 6-1/2 year high.

Doubts over Russian exports have unnerved investors already grappling with tightening availability of corn and soybeans that has fuelled multi-year price highs for those crops.

“We’re seeing big volumes on Euronext,” a futures dealer said.

“The corn market already had an issue. Wheat didn’t a month ago but now it does too.”

Russia plans to impose a wheat export tax of 50 euros a tonne from March 1 to June 30, increasing an initial 25 euro levy to apply from Feb. 15, its economy minister said on Friday, in another push to cool domestic food prices.

The economy minister also said Russia plans to maintain an export tax in the 2021/22 season that starts in July.

The wheat market was waiting to see if the latest tax proposal would dampen Russian prices and lead to more selling by farmers, or rather create further price tensions as the previous tax plan did.

Risks surrounding Russian supply could push demand towards the European Union and put further strain on a limited EU surplus, traders said.

“The EU’s available stocks are already reduced by the poor harvest and strong shipments. I think there will be strong demand for the available EU export supplies which is why prices are so firm,” one German trader said.

“I expect Germany, the Baltic States and Poland to be able to export all available stocks in coming months. “

Standard milling wheat with 12% protein for January delivery in Hamburg was offered for sale unchanged at around 3 euros over Paris March futures.