Russia increases wheat exports at the expense of corn

The Russian government has set a tariff quota of 10.6 million tons for grain exports and has announced new export duties on wheat, barley, and corn effective from January 15, 2024. The duty on wheat will be 4,245 rubles ($41.5) per ton, on barley 2,542.9 rubles ($24.86), and on corn 4,436.4 rubles ($43.4) per ton. The Ministry of Agriculture determines the duty rate weekly. Additionally, Russia may increase the share of wheat in grain exports in 2025 by limiting the export of corn, barley, and rye, with the total grain export quota being 10.6 million tons from February 15 to June 30, 2025.

In brief: • Wheat could surpass 80% of total grain exports • The Russian government has set a tariff quota of 10.6 million tons for grain exports The duty on wheat exports from Russia will be 4,245 rubles ($41.5) per ton from January 15, 2024, according to the Agriculture Ministry. Earlier, the government set a duty on wheat exports for January 13 and 14 at 4,346.1 rubles ($42.5) per ton, the ministry said. The duty on barley will be 2,542.9 rubles ($24.86) against 2,220.1 ($21.7) rubles set earlier. The duty on corn will be increased to 4,436.4 rubles ($43.4) from 4,366.5 rubles ($42.7) per ton. The rate of the export duty on wheat is calculated at an indicative price of $240.2 per ton, for barley - $204.7 per ton, for corn - $231.7 per ton. The floating duty on Russian grain exports has been in effect since June 2, 2021. The Ministry of Agriculture determines the amount of the duty for a period of one week. The duties were calculated in dollars before July 1, 2022, and ...