Source: Oleoscope (Russia)
According to the Russian Ministry of Agriculture, starting April 30, the export duty on Russian wheat will drop by 12.8%, falling from 1,832 rubles per ton last week to 1,596.7 rubles. For barley, the duty will be eliminated entirely, decreasing from 87.7 rubles per ton previously, while the corn export duty will be lowered from 1,073.6 rubles to 797.3 rubles per ton.
These tariff levels were determined using indicative prices of $248.7 per ton for wheat (up slightly from $247.4), $204 per ton for barley (unchanged), and $220.9 per ton for corn (unchanged).
The base reference prices remain fixed at 18,000 rubles per ton for wheat starting June 28, 2024, and at 16,875 rubles per ton for both barley and corn.
It is important to remember that the duty is calculated as 70% of the gap between the base price and the indicative price.
These updated duty rates will be in effect through May 6 inclusive.
Additionally, it was recently announced that the export duty on sunflower oil for May will also see a reduction.