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The export responsibility on Russian wheat will probably be elevated from $61.3 to $67 per ton on October 27, the Ministry of Agriculture mentioned. Duties on corn may also be hiked to $49.7 per ton.
On the similar time, export duties for barley will probably be lowered from $45.9 to $42.6 per ton.
The export responsibility charge is calculated at an indicative worth of $295.8 per ton for wheat, $245.9 for barley, and $256 for corn. The brand new responsibility charges will probably be in impact till November 2.
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This summer season, Russia launched a grain damper mechanism, which offers for floating duties on the export of wheat, corn and barley. The responsibility is 70% of the distinction between the indicative worth and the bottom worth. Market individuals transmit knowledge on contracts to the Moscow Alternate to type the calculation of the indicative worth. The bottom worth for wheat is $200 per ton; for corn and barley, $185 per ton. Based mostly on that info, the Ministry of Agriculture determines the quantity of responsibility for a interval of 1 week.
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