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Purchasing prices for wheat in the Russian Federation rose after it was announced that the base price for calculating the export duty had been increased. "The change in cut-off prices in the formula for calculating export duties, as expected, contributed to the adjustment of purchase prices, which grew by 938 rubles, or 7.09% at the gates of deep-water terminals," the Union of Grain Exporters Telegram channel reported.
As Eduard Zernin, chairman of the board of the union, clarified to Interfax, we are talking about grade 4 wheat (protein 12.5%). This growth happened in just a week.
The purchase price index for wheat (CPT basis seaports of the Azov-Black Sea basin), according to the NTB, as of June 2, amounted to 14.17 thousand rubles per ton (excluding VAT), which is 1.72% higher than on June 1.
Dmitry Rylko, director general of the Institute for Agricultural Market Studies (IKAR), told Interfax that the rise in prices was expected after the announcement of the change in the base price.
According to him, in the south, the increase in purchase prices for wheat ranged from 400 to 900 rubles per ton. "But this is happening against the backdrop of very low liquidity," he said. This process has not yet reached the central regions and the Volga region. "In the east of the country, wheat prices are growing, but for other reasons," Rylko said.
As reported, on June 1, a government decree came into force to increase the base price for calculating the export duty on wheat to 17 thousand rubles from 15 thousand rubles per ton, on barley and corn - up to 15.875 thousand rubles from 13.875 thousand rubles per ton. ton. The new fees, based on these prices, will come into effect on June 7.
Thus, the export duty rate for wheat will decrease to 2,856.3 rubles per ton from 4,525.4 rubles a week earlier. For barley, the duty rate will be reset to zero (1 thousand 224.7 rubles a week earlier), for corn it will decrease to 1 thousand 214.4 rubles (2 thousand 753.6 rubles).
According to the forecast of the Ministry of Agriculture, grain exports from the Russian Federation this agricultural year (ends June 30, 2023) will exceed 55 million tons, including 45 million tons of wheat. In the new agricultural year (starts on July 1, 2023), exports are estimated at 50-55 million tons.
