Russia made a big announcement regarding wheat and maize

Russia made a big announcement regarding wheat and maize :Export duty on wheat will be increased by $ 3.20 per metric ton. After this, the export duty on wheat will increase to $ 41.30 per metric ton.

Russia is soon going to increase the export duty on wheat and maize exported from its country. The Ministry of Agriculture of Russia has announced this. However, there has been no change in export rates on Barli from June 30 to June 6. The department has issued a notice regarding this on Friday. According to the seven-day average index price of $259.10 per metric tonne of Moscow Exchange based in Moscow, Russia’s capital, the export duty on wheat will be increased by $3.20 per metric tonne. After that.

Russia increased export duty

There has been no increase in the export duty of Barli. Currently, the export duty on Barli is $39.60 per metric ton. According to the Moscow Exchange, its seven-day average index price is $ 241.70 per metric ton.

There is a different formula for adding taxes in Russia. Under which the exporters have to pay 70 per cent of the difference between the floor price and the floating index price as decided by a panel of industry experts and the tax rates set by the Moscow Exchange.

New tax rates are updated every Friday. Then the new rates are published. The new rates are implemented three days after they are published. For the marketing year 2021-22, this scheme is going to start from July 1. Significantly, Russia is the largest wheat exporting country in the world.

Russia made a big announcement regarding wheat and maize wheat export from india

According to the data, in the year 2013-14, India used to export wheat and maize on a large scale. Wheat production has been good in India this year as well. Whereas throughout the year the farmers are stuck on the agitation in Delhi against the agricultural laws. India ranks second in the world in terms of wheat production. In the first place is China. Wheat is mainly produced in North India in large quantities. In order to emphasize on the production of wheat, Indian scientists have done many researches and have made many improved varieties of wheat, which has increased the yield.

There is a good demand for Indian wheat in the global market as well and it is increasing continuously. According to government data, India exported 2,17,354.22 metric tonnes of wheat during 2019-20. Its country had an income of Rs 439.16 crore. In 2019-20, India exported wheat to Nepal, Bangladesh, United Arab Emirates, Somalia and Korea.

Wheat is also called Rabi crop in India. It is planted in the month of December-January. It is cultivated in cold regions.

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