22 января 2024 — 16:00
The duty rate on wheat exports from Russia from January 24 will amount to 3,566.5 rubles per ton against 3,946.5 rubles a week earlier, Interfax reports, citing information from the Ministry of Agriculture of the Russian Federation.
Thus, it will decrease by 9.1%.
The duty on barley ended the "zero period", which lasted from October 25, 2023. From January 24, it will amount to 162.2 rubles per ton. The duty on corn will decrease to 664.2 rubles from 973.1 rubles per ton.
The rates were calculated based on indicative prices: $251.1 per ton for wheat ($250.7 a week earlier), $182.9 for barley ($172.3), $190.6 for corn ($191.2).
The fees will be valid until January 30th inclusive.
Starting from June 2, 2021, the Russian Federation introduced a grain damper mechanism, which provides for floating duties on exports 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 that are registered on the Moscow Stock Exchange. At first, the duty rates were calculated in dollars. Since July 2022, they are determined in rubles. The fee is 70% of the difference between the base and the indicative price.
Since June 2023, the base price for calculating export duties on wheat has been increased to 17 thousand from 15 thousand rubles per ton, for barley and corn - to 15,875 rubles from 13,875 rubles per ton.