February 9, 2024
Russia sets new export duty rates for wheat, barley, and corn
Russia's Ministry of Agriculture has announced updated export duty rates for key grains, marking significant adjustments in the country's agricultural export policies, ChemAnalyst reported.
According to the ministry, the export duty for wheat will be established at RUB 3,804.60 (US$41.82) per metric tonne, with parallel duties of RUB 827 (US$9.1) per metric tonne for barley and RUB 1,339.80 (US$14.73) per metric tonne for corn.
These duty rates are determined based on specific indicative prices per metric tonne for each grain variety. For wheat and meslin, the indicative price is set at US$251.1 per metric tonne, while for barley and corn, it is defined at US$190.9 and US$199.1 per metric tonne, respectively.
The introduction of a floating duty system on Russian grain exports, initiated on June 2, 2021, allows the Ministry of Agriculture to assess duty amounts weekly, ensuring adaptability to dynamic global grain market conditions. Initially calculated in dollars, the duties were transitioned to rubles from July 1, 2022, offering enhanced transparency and predictability for market participants.
These adjustments in export duty rates reflect the ministry's commitment to aligning with market values and fostering stability in Russia's grain export landscape. The decision-making process, guided by indicative prices, aims to balance the interests of domestic producers and international trade partners while navigating global economic dynamics.
Russia's pivotal role in the global grain market underscores the significance of these export duty adjustments, impacting stakeholders ranging from international buyers to domestic agricultural sectors.