Export duty on Russian wheat falls 6% to 3,143 rubles per tonne as of March 20 - AgMin

MOSCOW. March 20 (Interfax) - The export duty on Russian wheat has dropped 6% to 3,143 rubles per tonne as of March 20 from 3,444.5 rubles per tonne during the previous duty period, the Agriculture Ministry said.

The duty on barley has fallen to 408.1 rubles per tonne from 667.6 rubles per tonne, and the duty on corn has plunged to 71.2 rubles per tonne from 527 rubles per tonne.

Duty rates are based on indicative prices of $236 per tonne for wheat against $238.50 per tonne the previous duty period, $181.20 per tonne for barley versus $184.30 per tonne, and $175.90 per tonne for corn against $182.10 per tonne.

The latest duties are valid until March 26, inclusive.

The Russian government on June 2, 2021, implemented a grain damper mechanism that stipulates floating duties on exports of wheat, corn, and barley, as well as returning the funds received from the duties in order to subsidize agricultural producers. The duties are calculated weekly on the basis of price indicators based on the value of export contracts registered on the Moscow Exchange .

The government on June 30, 2022, adopted a resolution to convert the duties into rubles as of July 2022. The duty totals 70% of the difference between the baseline price and the indicative price.

The Agriculture Ministry on June 1, 2023, hiked the baseline price for calculating the export duty on wheat, the so-called cut-off price, to 17,000 rubles per tonne from 15,000 rubles per tonne, and raised the baseline price on barley and corn to 15,875 rubles per tonne from 13,875 rubles per tonne.