Volga Baikal AGRO News Update on the Wheat Export Duty !!!

Export duty on wheat will increase up to $94 per ton

Volga Baikal AGRO News Update on the Wheat Export Duty !!!

The export duty on wheat will increase to $94 per ton !!!

From December 22, the export duty on wheat will increase from $91 up to $94 per ton, the Ministry of Agriculture said. The duty on barley will increase from $78.7 to $84.8 per ton, on corn – from $54.4 to $55 per ton. The new rates will be valid until December 28. The amount of duties is calculated on the basis of indicative prices of wheat $334.3/t ($330.1/t a week earlier), barley – $306.2/t ($297.5/t), corn – $263.6/t ($262.8/t).

Also, the Customs subcommittee of Russia approved the application of a tariff quota for the export of wheat and meslin, barley, rye and corn on an annual basis. It will be valid from February 15 to June 30, 2022, grain supplies within the quota will be subject to a floating duty. Outside the quota, a rate of 50% will be applied, but not less than 100 euros per ton.

The quota for the export of wheat will be 8 million tons, for rye, barley and corn – in the amount of 3 million tons.
How exactly the calculation of rates will be adjusted is not specified. In November, Agriculture Minister Dmitry Patrushev: “In case of a noticeable increase in world wheat prices – up to $400 per ton or more – the formula for calculating the floating export duty will be revised upwards.”

Source: Agroinvestor.ru

 

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