Russia increased the export duty on wheat to $ 98.2 per ton

The export duty on wheat from the Russian Federation has been raised to $ 98.2 from January 12, from $ 94.9 per ton, the Ministry of Agriculture said.

The duty on barley rose to $ 86.2 from $ 83.5 per ton, on corn – reduced to $ 67.7 from $ 69 per ton.

The new duty rates will be in effect until January 18.

The fees are calculated based on indicative prices. For wheat, the price was $ 340.4 per ton ($ 335.6 a week earlier), for barley – $ 308.2 ($ 304.4), for corn – $ 281.8 ($ 283.6) per ton.

Since June 2, 2021, the Russian Federation has 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 on a weekly basis based on price indicators based on the prices of export contracts, which are registered on the Moscow Exchange. The cut-off price for wheat is $ 200 per ton, for corn and barley – $ 185 per ton. The amount of the duty is 70% of the excess of this indicator.

According to the forecast of the Ministry of Agriculture, grain exports in this agricultural year (July 2021-June 2022) will amount to 45-48 million tons. Last agricultural year (ended June 30, 2021) 49 million tons were exported, including 38.4 million tons of wheat.

Finmarket

Tags: wheat, export duty, Russia, corn, grain, barley