27.04.2026, 23:57
Wheat prices are rising: Kazakhstan’s market responds to tax and currency changes
Price growth is driven by restrained sales by farmers, changes in tax policy, and currency fluctuations affecting export activity
Since the beginning of 2026, the food wheat market in Kazakhstan has been shaped by several factors, including changes in tax policy, currency fluctuations, logistical constraints, and a restrained sales strategy by farmers.
In January, amid limited supply and logistical challenges, the price of Grade 3 wheat strengthened to 90–95 thousand tenge per ton on an EXW basis.
In February, key pressure on the market came from changes in tax legislation — an increase in VAT rates and adjustments to the refund mechanism for traders. This led to reduced export margins and an effective pause in new deals, as market participants adopted a wait-and-see approach, focusing on fulfilling previously signed contracts. Despite this, prices continued to rise, reaching 92–98 thousand tenge per ton EXW.
In March and April, an additional factor was the strengthening of the tenge against major currencies, which reduced the profitability of some export operations. As a result, prices for Grade 3 wheat stabilized in the range of 95–100 thousand tenge per ton on an EXW basis.
