Russia’s ministry again increases wheat, corn export taxes

Russia’s agriculture ministry has announced it will increase the export duty on wheat and corn once again, but leave barley...

Russia’s agriculture ministry has announced it will increase the export duty on wheat and corn once again, but leave barley unchanged for the June 30-July 6 period, an official notice showed Friday.

The wheat tax will be increased by another $3.20/mt to reach $41.30/mt, according to the seven-day average index price published by the Moscow Exchange (MOEX) of $259.10/mt.

The corn export tax will also continue to go higher, being revised up by $0.30/mt to $50.50/mt based on the seven days index which stood at $257.20/mt.

Barley remained at $39.60/mt as the index was unchanged at $241.70/mt during the weekly period.

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

The tax is updated every Friday and comes into force on the third working day after publication.

The scheme is set to run through the 2021/22 marketing year, which begins on July 1.

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