Grain export duty
A floating Russian duty that takes part of the gap between export and domestic grain prices.
How to read the number
It limits how much of the world price reaches home: when export quotations rise, the producer's revenue rises more slowly than the market.
When the metric lies
The rate is recalculated regularly by a formula tied to indicative prices. Forecasting an exporter's revenue from the world quotation alone is wrong by construction.
Also known as: floating grain duty