Russia to raise export duty on wheat, effective November 27

Published 2024년 11월 27일

Tridge summary

The Russian Ministry of Agriculture has announced increases in the export duties on wheat, meslin, barley, and corn, effective November 27, 2024. The increases are to wheat and meslin from 2,689.7 rubles to 3,020.3 rubles per ton, barley from 1,233.2 rubles to 1,166 rubles, and corn from 3,065.5 rubles to 3,584.1 rubles per ton. These increases are calculated based on indicative prices of $223.5, $185.7, and $220.3 per ton for wheat, barley, and corn, respectively. The floating duties on grain exports, introduced in 2021, are calculated weekly and are 70% of the difference between the base price and the indicive price.

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Original content

The duty on the export of wheat and meslin (a mixture of wheat and rye) from the Russian Federation will be increased to 3,020.3 rubles from November 27, 2024, against the current rate of 2,689.7 rubles per ton, according to the materials of the Ministry of Agriculture of the Russian Federation. The duty on barley will be 1,166 rubles against 1,233.2 rubles previously. The duty on corn will be increased to 3,584.1 rubles from the previous 3,065.5 rubles per ton. The export duty rate on wheat is calculated based on the indicative price of $223.5 per ton, on barley - $185.7 per ton, on corn - $220.3 per ton. At the end of June, the Russian government adjusted the calculations of the rates of export customs duties on grain: the base export prices were increased by 1 thousand rubles per ton for wheat, meslin, barley and corn. Thus, the base export prices for wheat and meslin were increased from 17 thousand rubles to 18 thousand rubles, for barley and corn - ...

Source: Agrovesti