Russia lowers wheat, corn export tax for Nov 9-14, barley kept at zero

The Russian government has reduced export duties on wheat and corn for the week of November 9-14, while leaving the tax on barley at zero, the Ministry of Agriculture said in an official notice on Friday.

The export duty on wheat was lowered by RUB393.70/mt to RUB4,529.7/mt, which corresponds to $48.62/mt at the official Central Bank exchange rate, set at RUB93.17 to $1.

The basic seven-day average index published by the Moscow Exchange fell by $1/mt and settled at $252.2/mt.

For corn, the export duty decreased by RUB326.8 /mt to RUB1,291.20/mt or $13.86/mt.

The average Moscow Exchange index was $190.40/mt, down $1.20/mt on last week.

Finally, the barley export duty remained at zero, while the benchmark index fell $0.70/mt to $165.40/mt.

When calculating the index for corn and barley, transactions registered with loading in the ports of the Caspian Sea, as well as ports of the Azov and Black Seas are currently taken into account.

The Russian government has meanwhile approved the list of export commodities for which exporters are able to use special ruble accounts to make payments.

It includes corn, wheat, barley, soybeans, meals and vegoils, and will come into effect from November 1.