In Russia, the export duty on wheat will be reduced from March 6

Published Mar 4, 2024

Tridge summary

Starting March 6, Russia will lower the duty on wheat exports to 3,575.4 rubles per ton, a reduction of 225.2 rubles from the previous week. The same rate will also apply to meslin, a grain and rye mixture. This move is likely aimed at boosting exports, especially after the Ministry of Agriculture raised minimum export prices. However, the rates for barley and corn will increase. These duties on Russian grains, which have been in place since June 2, 2021, are determined by factors such as the cost of sowing grain, expected harvest, global crop prices, and exchange rates.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

From March 6, the duty on wheat exports in Russia will decrease to 3,575.4 rubles per ton, the Ministry of Agriculture reported. This is 225.2 rubles less than it was a week before this date. It will be the same for meslin (a mixture of this grain with rye). Their meanings always match. This decision was probably made in order to stimulate the export of culture abroad. It will be especially relevant against the background of the ministry’s increase in minimum export prices, which it considers too low. Because of this, problems have already arisen with importers (for example, refusal of some shipments by Egypt). For the remaining two main grains, the rate will increase - by 16.8 from 571 to 587.8 rubles for barley and by 56.3 from 828.9 to 885.2 for corn. The Grain Union of Kazakhstan proposed to cancel the duty on sunflower Let us remind you that duties on Russian grains have been in effect since June 2, 2021 and amount to 70 percent of the difference between their base and ...
Source: Rosng
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