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Russia’s duty on wheat exports to reach $31.4 per tonne from July 28

The duty on exports of wheat from Russia from July 28 to August 3 will be $31.4 per tonne, the Ministry of Agriculture said on Friday.

The duty on exports of barley will be $38.5 per tonne, corn – $49.9 per tonne.

The export duty rate for wheat and meslin (a mixture of wheat and rye) is calculated based on an indicative price of $244.9 per tonne, for barley – at a price of $240 per tonne, for corn – $256.4 per tonne.

On April 1, 2021, the Russian Ministry of Agriculture began testing the mechanism for calculating the “floating” duty on grain exports, which entered into force on June 2, 2021. From February 5, market participants transmit data on contracts to the Moscow Exchange to calculate the indicative price. Based on this information, the Ministry of Agriculture determines the amount of the duty for a period of one week. The calculated fees are published weekly on the ministry’s website.

The funds received from the duties will be returned to the Russian regions in the form of subsidies to producers of wheat, rye, corn, and feed barley. Subsidies to the regions will be distributed depending on the manufactured volume.
Source: TASS

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