Russia Doubles Corn Export Duty Amid Wheat Tax Surge

The Russian Agriculture Ministry has announced an increase in export duties on wheat and corn. The duty on wheat will rise to RUB 1,012.1 per ton from August 26, a 1.4-fold increase from the previous week's rate of RUB 721.1 per ton.

The duty on corn exports will also more than double, increasing from RUB 284 per ton to RUB 607.3 per ton as of August 26. The rates were calculated based on indicative prices: $231.2 per ton for wheat, $193.5 for barley, and $221.2 for corn.

The export duties will remain in effect through September 1 inclusive. The Agriculture Ministry did not provide further explanation or context for the increase in duties.