Commodities
Russia Doubles Wheat Export Duty Amid Price Adjustments
The Russian government has announced a significant increase in export duties on wheat and corn. The duty on wheat will rise from RUB 5.7 per ton to RUB 326.6 per ton, a 57-fold increase, effective August 12. This new rate is based on an indicative price of $230 per ton for wheat.
The Ministry of Agriculture reported that the export duty on corn will decrease from RUB 127.2 per ton to RUB 105 per ton as of August 12. Meanwhile, the duty on barley remains at zero. These rates are in effect until August 18.