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Russia to hike grain export duty to support domestic producers

Russia to hike grain export duty to support domestic producers
The export duty on Russian wheat will be increased from $57.80 to $58.70 per ton on October 13, the Ministry of Agriculture said. Duties on barley and corn will be also hiked to $49.40 and $47.20 per ton, respectively.

The export duty rate is calculated at an indicative price of $283.90 per ton for wheat, $255.60 for barley, and $252.50 for corn. The new duty rates will be in effect until October 19.

This summer, Russia introduced a grain damper mechanism, which provides for floating duties on the export of wheat, corn and barley. The duty is 70% of the difference between the indicative price and the base price. The base price for wheat is $200 per ton; for corn and barley, $185 per ton.

The funds received from the duties will be distributed as subsidies for Russian producers, depending on volume generated.

Also on rt.com India’s wheat exports could quadruple to an 8-year high amid global price surge

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