17 Apr 2024 12:20

Export duty on Russian wheat increases 1.3% on April 17, corn now at zero - Agriculture Ministry

MOSCOW. April 17 (Interfax) - The export duty on Russian wheat is 3,276.6 rubles per tonne as of April 17, versus 3,236.1 rubles per tonne during the previous duty period, the Agriculture Ministry said.

This represents a 1.3% increase in the duty.

The duty on barley has dropped to 451.6 rubles per tonne from 667.9 rubles per tonne, while the duty on corn is now zero (having decreased from 86 rubles per tonne).

The duty rates were calculated using indicative prices of $234 per tonne for wheat against $234.10 per tonne the previous duty period, $178.30 per tonne for barley versus $182.20 per tonne, and $169.30 per tonne for corn versus $173.20 per tonne.

The duties will be valid through April 23 inclusive.

Russia introduced a grain damper mechanism on June 2, 2021, which provides for floating duties on exports of wheat, corn and barley and the return of funds received from them to subsidize agricultural producers. The amount of duties is calculated weekly from indicators based on the prices of export contracts registered on the MOEX. At first, duty rates were calculated in dollars. However, as of July 2022, they have been calculated in rubles. The duty is 70% of the difference between the base and indicative prices.

The base price for calculating the export duty on wheat was increased to 17,000 rubles from 15,000 rubles per tonne on June 2023, while for barley and corn, it was increased to 15,875 rubles from 13,875 rubles per tonne.