On September 18, the duty on wheat in the Russian Federation will increase by more than 52 rubles

Published Sep 15, 2024

Tridge summary

Starting September 18, Russia will increase the export duty on wheat and meslin by 5.6 percent, from 906.4 to 956.9 rubles per ton. This follows a significant decrease in the rate on September 11, and continues a pattern of fluctuations in the duty since August. In contrast, the export duty on corn will decrease, while barley will remain duty-free. These duties, which have been in place since June 2021, are designed to support profitability but have not satisfied farmers. The rates are calculated based on factors such as production costs and world crop prices, and are determined independently by the Ministry of Agriculture.

Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Starting next Wednesday, September 18, the export duty on wheat and meslin (its mixture with rye) in Russia will increase by 5.6 percent or 52.5 rubles from last week - from 906.4 to 956.9. This was reported by the Ministry of Agriculture. The increase occurred once again after a significant weekly decline on September 11, which amounted to 209.3 rubles, from 1,115.7 to 906.4. Before that, its value increased for three weeks in a row. The sharpest increase was observed on August 21 - from 257.3 to 828.4 rubles per ton. On August 28, the rate rose to 908.5 rubles, and on September 4 it increased to 1,115.7 rubles. Let us recall that the rates for wheat and meslin always grow synchronously to the same value. The rate for corn will continue to decrease. Last Wednesday, it was 502.7 rubles, and next Wednesday it should fall to 446.3. In turn, the duty on barley will remain zero for the 22nd week in a row. Such rates will apply until September 24. Grain producers have repeatedly ...

Source: Rosng