SunSirs: Russia Raises Wheat Export Tariffs Next Week and the Corn Tariffs Lowers
November 16 2023 14:26:54 SunSirs (Selena)
The Russian Ministry of Agriculture has issued a notice raising wheat export tariffs (denominated in rubles) by 0.3% in the coming week, and lowering corn tariffs by 15%.
From November 15 to 21, 2023, the benchmark price for Russian wheat and mixed wheat is $253.10 per ton, and the export tariff is 4,544.9 rubles per ton. In contrast, the benchmark price for the period from November 8th to 14th was $252.20, and the export tariff was 4,529.7 rubles per ton.
The benchmark price of barley is set at $165.50 per ton, and the export tariff is zero; The benchmark price for the previous week was $165.40, and the export tariff was zero.
The benchmark price of corn is $188.00 per ton, and the export tariff is 1,102.6 rubles per ton; The benchmark price for the previous week was $190.40 dollars, and the export tariff was 1,291.2 rubles per ton.
On May 29, 2023, the Russian government issued a communiqu é stating that starting from June 1, 2023, the base price for calculating wheat tariffs will be increased from 15,000 rubles to 17,000 rubles per ton, and the export base for corn and barley will also be increased by 2,000 rubles to 15,875 rubles per ton.
On June 30, 2022, Russia announced that starting from July 6, 2022, tariffs will be changed from US dollars to rubles. The calculation formula is to subtract the base of 15,000 rubles per ton from the benchmark price of wheat, and then multiply by 70%. The benchmark price of wheat in the formula is calculated by the Moscow Exchange based on the FOB contract price reported by the exporter. The export base price of barley and corn has also been changed from $185 per ton to 13,875 rubles. The tax calculation formula is to subtract 13,875 rubles from the benchmark price and then multiply by 70%.
The Russian Ministry of Agriculture will implement formula based taxation from June 2, 2021.
On Monday, the exchange rate of the Russian ruble to the US dollar was 92.18 rubles to $1, compared to 92.25 rubles a week ago.
Note: $1 equals 92.18 rubles
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