Source: Oleoscope (Russia)
The Russian Ministry of Agriculture has presented new rates for export duties. The duty on Russian wheat exports from October 23 to 29 will be 2121.2 rubles per ton, which is 13.3% more than the current rate of 1872 rubles.
The duty on corn exports will be reduced to 2671.7 rubles from the current rate of 2872.2 rubles per ton.
The customs duty on barley exports will also be reduced to Rs 389.7 crore from the current rate of Rs 392.8 crore per ton.
The export duty on wheat and meslin will be calculated based on the benchmark price of USD 217.4 per tonne, USD 180.2 for barley and USD 213.9 per tonne for maize.
The flexible export duty on wheat, maize and barley is levied as part of the grain damping mechanism. It amounts to 70% of the difference between the target price and the base price. The target price is calculated on the basis of export contracts registered on the Moscow Exchange. The export duty rates are applied from the third working day after the day of their placement and are valid until the new rates are applied.
Previously, the Ministry of Agriculture had announced new customs duties for sunflower oil and sunflower meal for October this year. The export duty rate for sunflower meal was Rs 2,927.6 crore in October. The export duty rate for sunflower oil also remained at zero in October.