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Purchase prices for wheat in Russia rose after the announcement of an increase in the base price for calculating the export duty

Wheat
Russia
Published Jun 4, 2023

Tridge summary

Purchasing prices for wheat in the Russian Federation rose after it was announced that the base price for calculating the export duty had been increased. "The change in the cut-off prices in the formula for calculating export duties, as expected, contributed to the adjustment of purchase prices, which grew by 938 rubles, or 7.09% at the gates of deep-water terminals," the Union of Grain Exporters Telegram channel reported.

Original content

Purchasing prices for wheat in the Russian Federation rose after it was announced that the base price for calculating the export duty had been increased. "The change in the cut-off prices in the formula for calculating export duties, as expected, contributed to the adjustment of purchase prices, which grew by 938 rubles, or 7.09% at the gates of deep-water terminals," the Union of Grain Exporters' Telegram channel reported. As Eduard Zernin, chairman of the board of the union, clarified to Interfax, we are talking about grade 4 wheat (protein 12.5%). This growth happened in just a week. The purchase price index for wheat (CPT basis seaports of the Azov-Black Sea basin), according to the NTB, as of June 2, amounted to 14.17 thousand rubles per ton (excluding VAT), which is 1.72% higher than on June 1. Dmitry Rylko, director general of the Institute for Agricultural Market Studies (IKAR), told Interfax that the rise in prices was expected after the announcement of the change in the ...
Source: Zol
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