Mumbai, 24 Nov (Commoditiescontrol): The Russian government has announced a reduction in wheat and corn export taxes for the week of November 29 to December 5, according to an agriculture ministry document. The wheat export tax has been decreased by RUB 575.20 to RUB 3820.20 per metric ton ($43.50 per metric ton based on the Central Bank's exchange rate). Concurrently, the Moscow Exchange index for wheat declined by $1.10 to $253.70 per metric ton.
Despite this reduction, there remains a significant discrepancy between the index and actual market prices. For instance, the highest offer for 12.5% protein wheat for January loading was around $245 per metric ton, a figure not seen since August 2023. This disparity is partly due to a shift towards contracts based on a delivered basis, to avoid reflecting lower Free On Board (FOB) prices that might be below the unofficial floor price.
The corn export tariff has also been reduced by RUB 371.30 to RUB 642.00 per metric ton, approximately $7.28 per metric ton, while its index value rose by 10 cents to $189.70 per metric ton. In contrast, the barley export tax remains at zero, with its basis index increasing by 60 cents to $165.80 per metric ton.
The calculation of the indexes for corn and barley takes into account transactions from the Caspian Sea ports, as well as the Azov and Black Sea ports.
Furthermore, Russia has imposed a ban on the export of durum wheat from December 1 until June 1. Additionally, from February 15 to July 1, Russian grain exports will be limited to an export quota of 24 million metric tons.
(By CommoditiesControl Bureau; +91-9820130172)
0 Comments 
Post Comment 
