News

In Russia, the duty on wheat exports will be reduced for the 4th week in a row.

Published May 27, 2024

Tridge summary

The Russian Ministry of Agriculture is set to reduce the export duty on wheat and meslin for the fourth time to 2,977.3 thousand rubles per ton on May 29, while maintaining zero tariffs on corn and barley. This move is seen as an effort to balance the interests of agricultural producers. Despite these efforts, farmers remain dissatisfied, calling for the complete abolition of duties on all grains. The current duties, in place since June 2, 2021, are set to maintain the profitability of farmers and provide support, with rates calculated based on various factors including base and indicative prices. However, farmers argue that these measures do not sufficiently improve profitability or fully reimburse them for duty revenues.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Starting next Wednesday, May 29, the export duty on Russian wheat will be reduced for the fourth time - to 2,977.3 thousand rubles, the Ministry of Agriculture reported (responsible for determining the size of rates and other parameters of the duty mechanism - ROSNG). This is 4.3 percent or $132.4 higher 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 seventh and sixth weeks in a row. 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 October 25. The ...
Source: Rosng
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