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In June of the current year, the Ministry of Agriculture presented calculations according to which the export duty on sunflower oil from Russia will be zero. This is the thirteenth consecutive month that the duty remains at this level.
The duty rate on sunflower meal will also be reduced by 42.6%, to 901.3 rubles per 1,544.3 rubles in June.
According to the calculations, indicative prices for oil are $773.3 per ton (compared to $773.8 in the previous month), and for meal - $198.6 ($199.5).
The base price for calculating the meal duty from September 1, 2023, was increased by 2,000 rubles to 15,875 rubles per ton, while the oil duty calculation remained unchanged at 82,500 rubles per ton.
Starting from July 2022, oil and meal duties are calculated in rubles. The oil duty is 70% of the difference between the base price (82,500 rubles per ton) and the indicative price (the average market price for the month). The export duty on sunflower meal is calculated using a formula where the difference between the indicative price (average market price for the month) and base price (15,875 rubles per ton) is multiplied by a correcting factor (0.7), reports Finmarket.
9.5% Reduction in Wheat Export Duty from Russia starting June 26
According to the Ministry of Agriculture, starting from June 26 of the current year, the export duty on wheat from Russia will be 2,492.8 rubles per ton, whereas a week earlier it was 2,754.1 rubles per ton. Therefore, the duty on wheat will decrease by 9.5%.
Duties on barley and corn will remain at zero.
The calculated rates based on indicative prices are: $235.8 per ton of wheat ($235.6 a week earlier), $165 per ton of barley ($167.9), and $177.8 per ton of corn ($172.7).
These rates will be effective from July 2 onwards.
Since June 2, 2021, Russia has introduced a grain damper mechanism, which involves floating export duties on wheat, barley, and corn, as well as a refund to subsidize agricultural producers. The duty rates are calculated weekly based on indicators derived from export contracts prices registered at the Moscow Exchange. Initially, duty rates were determined in dollars, and starting from July 2022 – in rubles. The duty is 70% of the difference between the base and indicative prices.
From June 2023, the base price for calculating the wheat export duty was raised to 17,000 rubles per ton, while for barley and corn it was raised to 15,875 thousand rubles per ton, having initially been 13,875 thousand rubles per ton.
At the All-Russian Field Day, the Minister of Agriculture Oksana Lut announced that it is planned to raise the base prices for calculating export duties by 1,000 rubles starting from July 1. The corresponding draft resolution has been submitted to the government.
