Source: Oleoscope (Russia)
Starting March 12, Russia will raise the duty rate for wheat exports by 12.2%. The Russian Ministry of Agriculture announced these new rates on March 7.
The export duty for wheat will rise from 2,177.7 rubles to 2,444.4 rubles per ton. Additionally, the duty on barley will go up from 680.9 rubles to 874.8 rubles per ton, while corn will see an increase from 1,715.8 to 1,925.9 rubles per ton, a rise that was noted a week earlier.
Base prices will remain stable, with wheat priced at 18,000 rubles per ton, and barley and corn at 16,875 rubles per ton.
The indicative prices were reported as follows:
- Wheat: $241.9 per ton ($241.3 the previous week);
- Barley: $204 per ton ($204 the previous week);
- Corn: $220.9 per ton ($220.9).
These new rates will be effective until March 18, inclusive.
It is important to remember that the duty represents 70% of the difference between the base and indicative prices, and is recalculated on a weekly basis.
