19.
06.15
09:35

Unsettled Russian distributors for inch calculation

The trading activities for the new crop contracts have slowed the uncertainty over a new export tax on wheat exports from Russia. Dealers do not know how the new customs form is interpreted. A variable rate to be introduced from July 1, which enters into force, if the price of the ruble plummeting.
Russia is one of the world's largest wheat exporters and has to fight, because the price of oil has fallen and Western sanctions due to the annexation of Ukraine since mid 2014 with large fluctuations in its currency.
Russian wheat would certainly significantly more aggressive offers, if there would be certainty as to the interpretation of the tariff calculation. The Russian Economics Minister had developed a form for the calculation of the duty, which was approved in may by the Government. Then, one inch is payable if 50% of the buyers price minus 5,500 rubles a positive value. The minimum rate of duty is then 50 rubles per tonne. In the form is not set but, at which time the rouble/dollar exchange rate is determined. The Economics Minister refers to the customs authority, which in turn is no answer.
Some traders expect that the tax is then set, if the wheat is loaded, which would transfer the risk of currency fluctuation on them. Therefore, they are currently no forward contracts, which come only months later for processing. Despite this uncertainty Russian exporters have won recently some invitations to tender from Egypt for themselves. Obviously, some traders accept the risk of customs. Egypt's demand for Russian wheat is encouraged by the low price of wheat, Egyptian traders think that prevent a customs calculation even if the Ruble rate fluctuates more. So it looks like it's less likely that Egyptian purchases of them will be affected should this happen Nevertheless, Russian trading houses bear the risk. Black Sea Russian wheat price is currently $190 per tonne. ($1 = 53.70 rubles)

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