Export duty on Russian wheat to decline 9.5% as of June 26, barley and corn to remain zero - Agriculture Ministry
MOSCOW. June 21 (Interfax) - The export duty on Russian wheat will decline 9.5% to 2,492.8 rubles per tonne as of June 26 from 2,754.1 rubles per tonne during the previous duty period, the Agriculture Ministry said.
The respective duties on barley and corn will remain zero.
Duty rates are based on indicative prices of $235.80 per tonne for wheat against $235.60 per tonne the previous duty period, $165 per tonne for barley versus $167.90 per tonne, and $177.80 per tonne for corn against $172.70 per tonne.
The duties are valid until July 2, 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.
Deputy Prime Minister Dmitry Patrushev at the end of May said that it had been decided to hike the baseline price for all three crops by 1,000 rubles per tonne as part of adjusting duties ahead of the new agricultural season.
Agriculture Minister Oksana Luth on Friday at the All-Russia Field Day said that the baseline prices for calculating export duties are planned to be increased by 1,000 rubles per tonne beginning on July 1. A draft of the corresponding resolution has been submitted to the government.
