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Russia to raise wheat export duty to $26.32 per ton from November 13

The duty on corn will increase to $33.69 per ton

MOSCOW, November 8. /TASS/. The export duty on wheat and meslin (a mixture of wheat and rye) from Russia will be raised to 2,569.2 rubles ($26.32) per ton from November 13, 2024, compared to the current rate of 2,517 rubles ($25.79) per ton, the Russian Agriculture Ministry said.

The duty on barley will be 1,367.4 rubles ($14.01), rising from 1,266.2 rubles ($12.97). The duty on corn will increase to 3,288.4 rubles ($33.69) per ton from 3,059.9 rubles ($31.35).

The export duty rate for wheat is calculated on the basis of the target price of $221.9 per ton, for barley - $192.8 per ton, for corn - $220.9 per ton.

At the end of June, the Russian government adjusted the calculation of export duties on grain: the basic export prices for wheat, meslin, barley and corn were increased by 1,000 rubles ($10.25) per ton. Thus, the basic export prices for wheat and meslin were increased from 17,000 rubles ($174.18) to 18,000 rubles ($184.42), for barley and corn - from 15,875 rubles ($162.65) to 16,875 rubles ($172.89).

In 2021 the Russian government introduced a floating duty on grain exports. The duty amounts to 70% of the difference between the basic price and the indicative price. It is calculated weekly based on indicators based on the prices of export contracts registered on the Moscow Exchange.

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