Saturday, 04 December 2021 11:24 GMT

Russia to increase wheat export duty once more in coming week

(MENAFN) The Ministry of Agriculture stated that the export duty on Russia’s wheat will be raised from USD61.3 to USD67 per ton on October 27. Duties on corn will also be increased to USD49.7 per ton.

At the same time, export duties for barley will be reduced from USD45.9 reaching USD42.6 per ton.

The export duty rate is measured at an indicative price of USD295.8 per ton for wheat, USD245.9 for barley, and USD256 for corn. The fresh duty rates will be in effect till November 2.

Russia implemented a grain damper mechanism this summer, which allows for floating levies on wheat, corn, and barley exports. The duty is 70 percent of the difference between the indicative and base prices. Market participants send contract data to the Moscow Exchange, which is used to calculate the indicative price. Wheat is priced at $200 per ton, while corn and barley are priced at $185 per ton. The Ministry of Agriculture calculates the amount of duty for a week based on this information.

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