Russia publishes new export taxes for wheat, corn and barley

The Russian agriculture ministry has revealed details of its new floating tax for agriculture exports that will cover the upcoming week of June 2-8, according to an official note published on Friday, confirming that wheat duties are set to fall but corn and barley duties will rise sharply.

The wheat tax was put at $28.10/mt and is due to come into force from June 2, with the figure marking a substantial $32.59/mt decline compared to the current taxation arrangement.

The duty is calculated from a formula, whereby exporters will have to stump up 70% of the difference between a floor price and a floating index price calculated by a panel of industry experts and published by the Moscow Exchange (MOEX).

For wheat, the 7-day average index according to MOEX values is $240.20/mt.

The tax for barley has increased from $12.14/mt to $39.60/mt, based on an average index price over the last seven days of $241.70/mt.

Corn export duties jumped to $52.20/mt from the current $30.35/mt, according to an index set at $259.70/mt.

Taxes are to be updated at the end of each week and will come into force on the third working day after each publication.

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