Source: Oleoscope (Russia)
In Russia, customs duties for wheat exports will be lowered again following a temporary increase. From next Wednesday, July 24, they will be 1540.4 rubles per ton, the Ministry of Agriculture announced.
This is 2.4% less than last week, which was the biggest reduction in recent weeks. The same amount will also apply to the levy on meslin. As a reminder, the values always change by the same amount. For maize and barley, they will remain at zero for the 15th and 14th consecutive week respectively.
From July 17 to 23, the duty rate for wheat exports from Russia was 1,780.5 rubles, an increase of 4.7% after several weeks of active decline.
Duties on Russian grain will apply from June 2, 2021 and amount to 70% of the difference between the base price and the target price.
From July 24, the target prices will only increase for barley, and only slightly – from USD 176.5 to USD 177.1 per tonne, while for wheat and corn they will fall from USD 233.3 to USD 229.6 and from USD 190.9 to USD 188 respectively. In contrast to the base prices, they cannot be converted into roubles, as the export contracts associated with them are calculated in US currency. Base prices are the minimum prices allowed in the market for the collection of duties. They take into account several factors, including the cost of sowing grain, the expected harvest, the world market price of the crop and exchange rates. The Ministry of Agriculture sets them independently.