Source: Oleoscope (Russia)
The export duty rate on wheat from Russia will be 495.9 rubles per tonne from September 17, compared to 168.6 rubles a week earlier, an increase of 2.9 times. The duty rate on barley will remain zero, while the duty rate on corn will be 398.2 rubles per ton after five weeks of zero. September 13 saw the Ministry of Agriculture announce the new export duty rates.
The rates were calculated based on indicative prices: $226.3 per ton for wheat ($226.6 for the previous period), $209.7 for barley ($207.2), and $223.1 for corn ($221.3).
The base prices have not changed and amount to 18,000 rubles per ton of wheat, 16,875 rubles per ton of corn, and 17,875 rubles per ton of barley.
As a reminder, the duty is 70% of the difference between the base and indicative prices.
The new rates will be in effect through September 23 inclusive.
Earlier, OleoScope analysts calculated the preliminary amount of export duties on sunflower oil and meal in October, which may amount to 6,370 rubles and 1,089 rubles per ton of product, respectively.
With the dollar exchange rate ranging from 81 to 82 rubles, the duty may vary from 1,044 to 1,194 rubles per ton, where each ruble of the currency rate increase corresponds to 150.1 rubles of duty.