The duty on wheat exports from the Russian Federation has been increased by 4.9% since March 27, and the duty on corn has become zero
Wheat
Published Mar 27, 2024
Tridge summary
The Russian Ministry of Agriculture has announced adjustments to the export duties on key grains as part of its grain damper mechanism, effective until April 2. Wheat export duties have increased by 4.9% to 3,298.6 rubles per ton, and barley duties have also seen a significant rise, while corn duties have been reduced to zero. These changes aim to support domestic agricultural producers by adjusting export duties based on market prices. Initially introduced in June 2021 and calculated in dollars, the mechanism has been using rubles since July 2022. Furthermore, starting June 2023, the base price for calculating export duties on wheat, barley, and corn will be increased.
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
The duty rate for wheat exports from Russia from March 27 is 3,298.6 rubles compared to 3,143 rubles per ton a week earlier, the Ministry of Agriculture reports. Thus, it increased by 4.9%. The duty on barley increased to 573.3 rubles from 408.1 rubles per ton, and on corn it became zero against 71.2 rubles, respectively. Rates were calculated based on indicative prices: $235.8 per ton for wheat ($236 a week earlier), $181.3 for barley ($181.2), $172.1 for corn ($175.9). The duties will be in effect until April 2 inclusive. From June 2, 2021, the Russian Federation introduced a grain damper mechanism, which provides for floating duties on the export of wheat, corn and barley and the return of funds received from them to subsidize agricultural producers. The amount of duties is calculated weekly on the basis of price indicators based on the prices of export contracts, which are registered on the Moscow Exchange. At first, duty rates were calculated in dollars. From July ...
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