Russia publishes new export taxes for wheat, corn and barley

The Russian agriculture ministry has revealed details of its new floating tax for agriculture exports that will cover the upcoming...

The Russian agriculture ministry has revealed details of its new floating tax for agriculture exports that will cover the upcoming week of June 2-8, according to an official note published on Friday, confirming that wheat duties are set to fall but corn and barley duties will rise sharply.

The wheat tax was put at $28.10/mt and is due to come into force from June 2, with the figure marking a substantial $32.59/mt decline compared to the current taxation arrangement.

The duty is calculated from a formula, whereby exporters will have to stump up 70% of the difference between a floor price and a floating index price calculated by a panel of industry experts and published by the Moscow Exchange (MOEX).

For wheat, the 7-day average index according to MOEX values is $240.20/mt.

The tax for barley has increased from $12.14/mt to $39.60/mt, based on an average index price over the last seven days of $241.70/mt.

Corn export duties jumped to $52.20/mt from the current $30.35/mt, according to an index set at $259.70/mt.

Taxes are to be updated at the end of each week and will come into force on the third working day after each publication.

What to read next
Updated forecast by trade association Cocereal pegs 2024 wheat crop slightly higher than previous projections
A report by the USDA forecasts an increase in US ending stocks for 2024/25 to 769 million bushels, alongside a slight decrease in global stockpile estimates.
The Ukrainian Grain Association estimated the 2024/25 crop of oilseeds and grains in Ukraine at 74.6 million tonnes, down by 2% from the initial forecast of 76.1 million tonnes in March.
Morocco and Algeria faced challenges with wheat and barley production due to drought conditions, leading to below-average forecasts
Vietnam is poised for a significant uplift in corn imports for the 2024-25 marketing year, driven by the resurging demand within its aquaculture and livestock sectors
Argentina's corn and sunflower crop forecasts have been downgraded due to recent weather challenges, according to the latest BAGE report