Export duty on Russian wheat rises 9.7% to 908.5 rubles per tonne as of Aug 28 - Agriculture Ministry

MOSCOW. Aug 28 (Interfax) - The export duty on Russian wheat has risen 9.7% to 908.5 rubles per tonne as of August 28 from 828.4 rubles per tonne during the previous duty period, the Agriculture Ministry said.

The duty on barley has remained zero and the duty on corn has fallen to 701.4 rubles per tonne from 1,033.6 rubles per tonne.

Duty rates are based on indicative prices of $214.60 per tonne for wheat against $214.50 per tonne the previous duty period, $177.70 per tonne for barley versus $180.90 per tonne, and $198.80 per tonne for corn against $205.20 per tonne.

The duties are valid until September 3, inclusive.

Russia introduced a grain damper mechanism on June 2, 2021, which stipulates floating duties on the export of wheat, corn, and barley and the return of funds received from the duties 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 initially calculated in dollars, and they have been calculated in rubles since July 2022. The duty is 70% of the difference between the 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.