🌾 Record Reduction in Wheat Export Duty in Russia: New Rates

🔹 Significant reduction in wheat duty: The rate has fallen by 1.7 times, reaching a historic low since the duty was introduced in June 2021 — now it is only 257.3 rubles per ton.

🔹 The duty on barley remains at zero, while the duty on corn is set at 344.5 rubles per ton.

🔹 Prices for wheat, barley, and corn are fixed at $214.8, $179.8, and $203.1 respectively, influencing the calculation of current duty rates.

 

The Ministry of Agriculture of the Russian Federation has reported a significant reduction in the export duty rate on wheat. As of August 14th this year, it is 257.3 rubles per ton, which is 1.7 times less compared to last week when the rate was set at 444.4 rubles. This reduction is the most significant since the introduction of this duty in June 2021.

 

While the duty on barley remains at zero, the duty on corn now stands at 344.5 rubles per ton. It should be noted that the duty on corn was introduced for the first time in mid-April this year.

 

The calculation of duty rates was based on indicative prices for cereals. The price of wheat is fixed at $214.8 per ton, slightly less than last week ($216.7). The price of barley is $179.8 per ton, and corn is $203.1.

 

These rates will be effective until August 20th inclusive.