Volga Baikal AGRO NEWS Update on the Export Wheat Duty !!!
Russia will sharply increase the export duty on wheat from June 01, 2022
Volga Baikal AGRO NEWS Update on the Export Wheat Duty !!!
Russia will sharply increase the export duty on wheat from June 01, 2022.
The export duty on wheat will amount up to 121.2 dollars per ton. The export duty on wheat from Russia will increase sharply from June 01 up to $121.2 per ton from the current $110.5 per ton, according to the materials of the Ministry of Agriculture.
At the same time, the duty on barley remains at $76.5 per ton for the third week, and the rate on corn will decrease from $76.5 to $73.9 per ton. Rates are calculated based on indicative prices. The price of wheat for the week increased from 357.9 to 373.2 dollars per ton, for corn it decreased from 294.3 to 290.7 dollars per ton, and for barley – from 294.3 to 290.7 dollars per ton. Floating export duties on the main grain crops – wheat, barley and corn, began to operate in Russia from June 02, 2021. They are part of the so-called grain damper mechanism: the funds received from the collection of duties must be returned to the Russian regions in the form of subsidies to farmers. The amount of duties is calculated weekly on the basis of indicative prices (based on the value of export contracts that are registered on the exchange). The cut-off bar for wheat is $200 per ton, for corn and barley – $185 per ton. The duty rate is 70% of the excess of this indicator.
According to the Analytical Center of Rusagrotrans, wheat exports from Russia will amount up to 1.2 million tons, which will be 4 times higher than last year. In June, it can drop to 0.85 million tons from 2.6 million tons last year.
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The export duty on wheat will amount up to 121.2 dollars per ton. The export duty on wheat from Russia will increase sharply from June 01 up to $121.2 per ton from the current $110.5 per ton, according to the materials of the Ministry of Agriculture.
At the same time, the duty on barley remains at $76.5 per ton for the third week, and the rate on corn will decrease from $76.5 to $73.9 per ton. Rates are calculated based on indicative prices. The price of wheat for the week increased from 357.9 to 373.2 dollars per ton, for corn it decreased from 294.3 to 290.7 dollars per ton, and for barley – from 294.3 to 290.7 dollars per ton. Floating export duties on the main grain crops – wheat, barley and corn, began to operate in Russia from June 02, 2021. They are part of the so-called grain damper mechanism: the funds received from the collection of duties must be returned to the Russian regions in the form of subsidies to farmers. The amount of duties is calculated weekly on the basis of indicative prices (based on the value of export contracts that are registered on the exchange). The cut-off bar for wheat is $200 per ton, for corn and barley – $185 per ton. The duty rate is 70% of the excess of this indicator.
According to the Analytical Center of Rusagrotrans, wheat exports from Russia will amount up to 1.2 million tons, which will be 4 times higher than last year. In June, it can drop to 0.85 million tons from 2.6 million tons last year.
Source: TASS.ru