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According to the information from the Ministry of Agriculture, starting from November 27, the export duty on wheat from the Russian Federation will increase by 12.3%. It will now amount to 3,020.3 rubles per ton, exceeding the previous figure of 2,689.7 rubles.
The increase in the duty happened suddenly, as just last week it had only risen by 4.7%.
On the other hand, the duty on barley will decrease to 1,166 rubles from 1,233.2 rubles per ton. At the same time, the duty on corn will increase to 3,584.1 rubles from 3,065.5 rubles.
The duty rates were calculated based on world market prices: $223.5 per ton for wheat (compared to $222.8 per ton last week), $185.7 per ton for barley (compared to $190.1), and $220.3 per ton for corn (compared to $216.8).
The mentioned rates will be in effect until December 3.
It is worth noting that since June 2, 2021, Russia has introduced a grain damping mechanism, which provides for flexible export duties on wheat, barley, and corn, as well as compensation of funds received from them to support agriculture. The duty rate is calculated weekly based on data on prices in the global markets registered on the Moscow Exchange. Initially, the duties were calculated in dollars, but since July 2022, they have switched to rubles. The duty amount is 70% of the difference between the base and indicative prices of the products.
Initially, the base price for calculations was 15,000 rubles per ton for wheat and 13,875 rubles per ton for barley and corn. However, from June 2023, these figures were increased to 17,000 and 15,875 rubles, respectively. Since June 28, 2024, the base price for wheat is 18,000 rubles, and for barley and corn - 16,875 rubles per ton.
