Developing Countries Will Lead Global Rice Import Growth in 2013-22, Says USDA Rice growers positive California MG prices are UP Russia MG Harvest coming to end Egypt open rice exports Vietnam’s rice export in tough competition with India Thai rice exports in May Rise Above Target This Year Viet-Nam Rice exports likely to fall this year
Australia Medium Grain Rice #1 $ N/A    Egypt 101 #2 $760    Egypt 178 #2 Rice $730    EU Prices Baldo €660    EU Prices LG-A Ariete 5% €550    EU Prices MG Lotto 5% €500    EU Prices RG Balilla 5% €500    Russia Rapan $ 700    USA Jupiter Paddy $375    USA Calrose #1 Paddy $480    USA Jupiter Rice $630    USA Calrose #1 $830   

 Main Page
 Home Page of This Title
 Medium Grain Rice Market
 Global Market News
 Grain News
 Pulses News
 Global Overview
 Importers Profile
 Exporters Profile
 What Is Rice
 History Of Rice
 Rice Harvest Seasons
 Rice Processing
 Rice Nutrition Facts
 Meals With Rice
 INCO Terms
 US Rice Standards
 EU Codex Standards
 Egyptian Specs
 Sponsor List
 All Links
 Commodity Exchange
Search in news database
Russia could raise wheat export duty to 50%
"The idea is currently being floated of revising the parameters of the export duty by increasing the duty on wheat to 50%," Arkady Zlochevsky, president of the Russian Grain Union, said at an annual meeting of the National Food Exporters Union in Moscow on Thursday.

The government is discussing the possibility of raising the duty, and the Federation Council has prepared material "with a categorical demand to introduce immediate restrictions," he said.

Raising the duty is basically the equivalent of cutting off wheat exports, Zlochevsky said.

Noting that the government had recently imposed a 10% export duty on wheat but not less than 22 euros per tonne, he said. The terms don't restrict exports but only reduce the profitability of exporters to the minimum. "Nonetheless grain exporters are thinking about whether to sign December contracts, and the contracts signed earlier will be met since the introduction of duty is not a force majeure situation," he said.

Zlochevsky said the export duty is a sort of limit on the growth potential for prices on the domestic market. "If the duty is raised even to 20% - 30% it will be a serious restriction, basically a ban and bas4ed on the preliminary balance 12 million tonnes of grain must be exported," he said.

Zlochevsky said the model of the world grain market depends on Russia's behavior and aggravating the situation with grain exports could result in a further rise in world prices. When the 10% duty was announced and the market realized there was no threat of a lack of Russian wheat it began to fall, and now FOB shipments have dropped to $320 per tonne from $350 per tonne a week ago. If a 50% duty is introduced the world market will move to $400 per tonne with all of the consequences, he said.

"Unfortunately, the government doesn't understand this and is looking only at the domestic situation, the conditions in the country and inflationary processes in the food sector,' he said.

Zlochevsky said the situation on the grain market could be complicated by product intervention on October 29 - 31. "The grain union is opposed to this and feels intervention should not be conducted until next January," he said.

Zlochevsky said laws are needed that will prevent the authorities from limiting exports except in extreme situations. "If such situations arise restrictions could be imposed by the executive branch and all other decisions should be made legislatively, not through government resolutions," he said.
MGR Archive 21.10.2007
Printer Friendly Version Of This Article
Send This Article To A Friend
User Name:
      Forgot your Password?
Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
Click for Details

Medium Grain Reports
Rice Market News
World Rice Markets and Trade
USDA Country Reports
Rice Market Monitor
Rice Outlook
Italian Paddy Supply
European Rice Weekly
EU Reports
Convert this amount:

  © 2002 All rights reserved. - Legal Notice