Russia’s agriculture ministry on July 8 set the variable export tax on wheat at Rb5,558.9/mt ($87.88/mt) for the July 13-19 period, as the country’s grains traders welcomed a significant reduction in their tax burden. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The lower taxes are a result of Russia’s switch from a dollar-denominated rate and its adoption of a different mechanism for calculating the tax, which is reset each week. The rate for July 13-19 shipments was up by Rb958.9 from the previous seven-day period, the first time a ruble-denominated rate applied. The ruble rate is equivalent to around 22% of the ministry’s trailing average FOB price, whereas wheat exported from Russia June 29-July 5 was taxed at $146.10/mt, or around 36% of that average. Russia’s wheat sellers typically price their exports in dollars and procure wheat on the domestic market in […]