Russian wheat, corn export taxes revised up for October 11-17

The Russian government has increased export taxes on wheat and corn for the coming week of October 11 to 17, while the tax on barley has been reduced, the agriculture ministry said in an official notice Friday.

The export duty on wheat increased by RUB659.40/mt to RUB5,224/mt, which corresponds to $52.40/mt at the official Central Bank exchange rate set at RUB99.67 to $1.

The basic seven-day average index published by the Moscow Exchange rose by $4.30/mt and settled at $248.8/mt.

For corn, the export duty increased by RUB267/mt to RUB3,120.80/mt or $31.30/mt.

The average MOEX index amounted to $206.80/mt, having decreased by $0.60/mt compared to last week.

Finally, the export duty on barley fell by RUB85/mt to RUB1,166.10/mt, corresponding to $11.7/mt at current exchange rates, while the benchmark index fell by $5.20/mt to $178.40/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.