Export duty on wheat will be reduced from July 7

The duty on the export of wheat from Russia from 7 to 13 July inclusive will be $ 41.2 per ton, the Ministry of Agriculture reports. It will decrease by $ 0.1 per tonne compared to the duty, which is valid until July 6.

The duty on the export of barley will be $ 37 per ton, corn – $ 50.6 per ton. Now the fees are $ 39.6 and $ 50.5, respectively.

The export duty rate for wheat and meslin (a mixture of wheat and rye) is calculated based on the indicative price of $ 258.9 per ton, for barley – at a price of $ 237.9 per ton, for corn – $ 257.4 per ton. The rates are published on the last working week and are applied from the third working day of the next.

The mechanism of floating duties on grain exports was introduced in Russia in April. The duty on wheat is 70% of the difference between the export price and $ 200. For barley and corn, a similar formula applies with a base price of $ 185 per tonne.

According to the head of the Ministry of Economy, Maxim Reshetnikov, duties are intended to reduce the impact of world prices on the Russian economy. The minister pointed out that this mechanism will create resources for producers and increase investment in the country’s agro-industrial sector.

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