Export duty on wheat will increase in Russia

According to the Ministry of Agriculture of the Russian Federation, the export duty on wheat will grow from December 28, 2022 to January 10, 2023 inclusive, and will amount to 4160.9 rubles per ton, reports World of NAN.

Export duty on barley will amount to 3,420.4 rubles, while on corn - 692.6 rubles per ton. Earlier the duty rate for export of wheat from Russia was 3,333.8 rubles per ton, for export of barley - 2,686.9 rubles, for export of corn - zero.

The export duty rate for wheat and meslin (a mixture of wheat and rye) was calculated at an indicative price of $312.8 per ton, for barley - $280.2, for corn - $222 per ton.

As a reminder, Russia applies a flexible export duty on wheat, corn and barley, which operates in the framework of the grain damping mechanism. Data on the price of export contracts, registered at the exchange, and the arithmetic average dollar-ruble exchange rate, established by the Bank of Russia five working days prior to the calculation date, are used for calculation. The funds received are returned to constituent entities of the Russian Federation in the form of subsidies to producers of wheat, rye, corn and feed barley, and are distributed depending on the volume of production.

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