From June 19, the duty on wheat exports will again decrease slightly in Russia

Published Jun 17, 2024

Tridge summary

The Russian Ministry of Agriculture has announced a decrease in the export duty on wheat to 2,754.1 rubles, a 3.2% reduction, effective next week. Meslin, a crop mixture, will also have the same rate. However, the export duties for corn and barley will remain zero. The ministry's move is seen as an additional compromise for agricultural producers but fails to satisfy most farmers, who are calling for the abolition of duties on all grains. The government determines duties based on factors such as planting costs, expected harvest, and world crop prices, and has started calculating them in Russian currency to avoid dependence on American currency. Despite criticisms, the ministry stands by the 'floating' duties mechanism.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Starting next Wednesday, the export duty on Russian wheat will continue to decrease again after a short increase - to 2,754.1 rubles, the Ministry of Agriculture (responsible for determining the size of rates and other parameters of the duty mechanism - ROSNG) reported. This is 3.2 percent or 91.2 rubles less than last week. The same bet will be on meslin (a mixture of this crop with rye). Recall that they always change synchronously to the same value. For corn and barley, tariffs will remain zero for the tenth and ninth week in a row, respectively. For the first crop, the duty was first reset to zero on March 27. But on April 3, this measure was canceled. The rate then was 69.9 rubles, on March 10 it increased to 86.6, and again it was reset to zero on April 17. With the second culture, such fluctuations occurred much more often. The duty on it was declared zero on June 7 last year. It was returned on August 16, when it amounted to 431.8 rubles per ton. It was reset again on ...
Source: Rosng
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.