Starting from July 2, the export tariff for wheat from the Russian Federation will be set at 56.3 rubles per ton, compared to 248.3 rubles per ton last week, according to the Ministry of Agriculture.
This will lead to a 4.4 times reduction in the tariff, making it the lowest since its introduction in June 2021.
The duty on barley will remain unchanged, while the duty on corn will increase to 931.6 rubles from 358.1 rubles.
The tariff calculations were made based on indicative prices: $230.7 per ton of wheat ($233.2 for the previous period), $195.8 for barley ($197.4), $232.3 for corn ($220.9).
The new tariffs will come into effect from July 8.
Since June 2, 2021, Russia has introduced a mechanism of grain damper, including floating export duties on wheat, corn, and barley, as well as compensation for lost revenues through subsidies to agricultural producers. The duty rates are calculated weekly based on indicators derived from export contracts prices registered at the Moscow Exchange. Initially, the tariffs were calculated in dollars. Since July 2022, they are determined in rubles. The duty amounts to 70% of the difference between the base and indicative prices.
Initially, the base price for tariff calculations was 15,000 rubles per ton of wheat and 13,875 rubles per ton for barley and corn. As of June 2023, these figures were increased to 17,000 and 15,875 rubles respectively. From June 28, 2024, the base price for wheat is 18,000 rubles and for barley and corn - 16,875 rubles per ton.
