Source: Oleoscope (Russia)
Wheat export duty reduced significantly for Russian grain exporters starting mid-April. The export duty on wheat from Russia will be 329 rubles starting April 15, down from 561.5 rubles per ton last week. Furthermore, this represents a 41.4% reduction, according to the Ministry of Agriculture.
Wheat Export Duty Reduced: Impact on Other Grains
Export duties on barley and corn will be zero, down from 540.8 rubles and 85.6 rubles per ton this week, respectively. Additionally, indicative prices were $233.3 per ton for wheat, $218.2 per ton for barley, and $222.2 per ton for corn.
Duty Calculation Method
As a reminder, the duty is calculated weekly using indicators based on export contract prices registered on the Moscow Exchange. Consequently, the duty is 70% of the difference between the base and indicative prices.
Base Prices and Effective Period
Base prices have remained unchanged at 18,000 rubles per ton for wheat and 17,875 rubles per ton for barley and corn. Moreover, these rates will remain in effect until April 22.