Export duty on Russian wheat to rise 9.7% to 908.5 rubles/tonne on Aug 28 - AgMin

MOSCOW. Aug 23 (Interfax) - The export duty on Russian wheat will rise 9.7% to 908.5 rubles per tonne in the week starting August 28 from 828.4 rubles per tonne during the current seven-day period, the Agriculture Ministry said.

The duty on barley will remain zero and that on corn will fall to 701.4 rubles from 1,033.6 rubles per tonne.

Duty rates are based on indicative prices of $214.6 per tonne for wheat against $214.5 per tonne in the current period, $177.7 per tonne for barley versus $180.9 per tonne, and $198.8 per tonne for corn against $205.2 per tonne.

The duties will be valid until September 3, inclusive.

Russia introduced a grain damper mechanism on June 2, 2021, which provides for floating duties on the export of wheat, corn and barley and the return of funds received from them to subsidize agricultural producers. The duties are calculated weekly from indicators based on the prices of export contracts registered on the Moscow Exchange . Duty rates were calculated in dollars at first, and, since July 2022, in rubles. The duty is 70% of the difference between reference and indicative prices.

The Agriculture Ministry on June 1, 2023, hiked the reference price for calculating the export duty on wheat to 17,000 rubles per tonne from 15,000 rubles per tonne, and the reference price on barley and corn to 15,875 rubles per tonne from 13,875 rubles per tonne. These rose to 18,000 rubles for wheat and 16,875 rubles for barley and corn on June 28, 2024.