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Russia's agriculture ministry increases wheat export tariffs by 23 percent for the coming week
Release time:
2024-09-02 10:00
Source:
Foreign media news on September 2: the Russian Ministry of Agriculture issued a notice, will be the next weekWheatExport tariffs (in rubles) increased by 23%,CornExport tariffs increased by 3%.
From September 4 to September 10, 2024, RussiaWheatAnd the benchmark price of mixed wheat is US $214.1 per ton, and the export tariff is 1115.7 rubles per ton. In contrast, between August 28 and September 3, RussiaWheatAnd the benchmark price of mixed wheat is US $214.6 per ton, and the export tariff is 908.5 rubles per ton.
CornThe benchmark price is US $195.7 per ton and the export tariff is 724.5 rubles/ton. The benchmark price in the previous week was US $198.8 and the export tariff was 701.4 rubles/ton. The benchmark price of barley was set at $178.7 per ton, with an export tariff of zero; the previous week's benchmark price was $177.7, with an export tariff of zero.
On June 21, the Russian Minister of Agriculture said that the adjusted starting price of grain tariffs will take effect from July 1, 2024. On May 31, the Russian Ministry of Agriculture issued a draft resolution to increase the price base for calculating grain tariffs by 1000 rubles/ton, of whichWheatThe starting price of the tariff was raised from 17,000 rubles/ton to 18,000 rubles/ton;CornAnd the tariff on barley was raised from 15,875 rubles to 16,875 rubles/ton.
On May 29, 2023, the Russian government raised the starting price of grain tariffs by 2000 rubles/ton. From 1 June 2023, it will be calculatedWheatThe base price of the tariff was increased by 17,000 rubles/ton from 15,000 rubles,CornAnd the export base of barley also increased by 2000 rubles to 15,875 rubles/ton.
On June 30, 2022, Russia announced that it would change tariffs from US dollars to rubles as of July 6, 2022. The calculation formula is usedWheatThe base price is subtracted from the base of 15000 rubles/ton and multiplied by 70%. in the formulaWheatThe benchmark price is the benchmark price calculated by the Moscow Exchange based on the FOB contract price reported by the exporter. Barley andCornThe export base price of has also been changed from US $185/ton to 13,875 rubles. The tax calculation formula is to subtract 13,875 rubles from the base price and then multiply by 70%.
The Russian Ministry of Agriculture will implement formula taxation from June 2, 2021. On Monday, the Russian ruble was trading at 89.20 rubles to the dollar, compared with 91.48 rubles a week earlier. Note: 1 US dollar is equal to 89.20 rubles
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