Russian export duties on wheat increase 3.4% as of May 22, while barley and corn stay at zero

MOSCOW. May 22 (Interfax) - The duty rate for wheat exports from Russia as of May 22 is 3,277.7 rubles per tonne versus 3,170.7 rubles the week before, the Agriculture Ministry said.

This represents a 3.4% increase.

Duties on barley and corn remain at zero.

The rates were calculated based on indicative prices of $234.8 per tonne for wheat (versus $234.6 last week), $169.3 for barley (versus $167.1), and $168.1 for corn (versus $169.1).

These rates will be valid through May 28 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 duty amounts are calculated weekly from indicators based on the prices of export contracts registered on the MOEX. The duty rates were calculated in dollars at first, yet have been set in rubles since July 2022. 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 per tonne from 15,000 rubles as of June 2023. In addition, base prices for barley and corn increased to 15,875 rubles per tonne from 13,875 rubles.