Russia Increases Its Wheat Export Duty to $41.3 Per Ton

BUSINESS TURKMENISTAN
Russia Increases Its Wheat Export Duty to $41.3 Per Ton
The new rates will be valid throughout the week. (Photo: RIA)

Russia has set out its wheat export duty for June 30-July 6 at $41.3 per ton, the Moscow-based Interfax News Agency on Friday reported on Friday with reference to the country's Ministry of Agriculture. A week earlier, the duty was $33.3 per ton.

Interfax added that the duty on barley will not change, remaining at $39.6 per ton. The export duty on corn increased to $50.5 per ton from $50.2.

The new rates will be valid throughout the week. They are calculated based on indicative prices for wheat at $259.1 ($254.5 for the previous duty rate), for barley at $241.7 (unchanged), for corn at $257.2 ($256,8) per ton.

Since June 2, Russia has introduced a grain damper mechanism, which provides for floating duties on the export of wheat, corn and barley. The government uses the funds received from the duties to subsidize agricultural producers. The fees are calculated weekly based on price indicators calculated using export contract prices that are listed on the Moscow Exchange.

Before the introduction of the new mechanism, the export duty on wheat was 50 euros per ton, corn - 25 euros per ton, barley - 10 euros per ton.