From July 20, the export duty on wheat from the Russian Federation will increase

From July 20, the export duty on wheat from the Russian Federation will increase to 5,984.9 rubles from 5,558.9 rubles per ton a week earlier, the Ministry of Agriculture said.

The duty on barley will increase to 4,413.7 rubles from 3,775.9 rubles, on corn – up to 3,144.9 rubles from 3,075.1 rubles a week earlier.

The new duty rates will be in effect until July 26.

The duties were calculated based on indicative prices: $386.8 per ton for wheat ($401.6 a week earlier), $332.9 for barley ($340.7), $303 for corn ($323).

Since July 6, duties on grain have been calculated in rubles, not dollars.

As reported, on June 30 the government adopted a resolution on the transfer of duties into rubles. The base price for calculating the export duty for wheat was set at 15 thousand rubles per ton, for barley and corn – 13.875 thousand rubles per ton. The duty is 70% of the difference between the base and indicative price. The duty formula includes such an indicator as „the arithmetic average of the US dollar against the currency of the Russian Federation, set by the Central Bank of the Russian Federation for 5 working days preceding the date of calculation of the export customs duty rate for grain crops.”

From June 2, 2021, the Russian Federation 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 weekly on the basis of price indicators based on the prices of export contracts, which are registered on the Moscow Exchange.

Ethan Andrews

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