Russian Min suggests abolishing wheat export duty from Sep 15

MOSCOW, Aug 31 (PRIME) -- The Russian Agriculture Ministry has suggested annul lingthe wheat export duty from September 15, 2016, according to documents seen by PRIME on Wednesday.

“Introduction of a zero wheat exports duty for the period until July 1, 2018 is necessary in order to reverse a negative price decrease trend on the domestic wheat market and intensify export supplies by reducing the risks concerning long-term procurement contracts,” the ministry said in a note to the draft order.

The ministry said that an export duty abolishment will ensure an about 35–40 million tonne export potential for grain.

Russia imposed the wheat export duty on July 1, 2015, which is measured as 50% of the price minus 6,500 rubles per tonne, but at least 10 rubles per tonne.

(64.9072 rubles – U.S. $1)

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