Export duty on Russian wheat rises 31.7% to 4,871.5 rubles per tonne on Dec 11

MOSCOW. Dec 11 (Interfax) - The export duty on Russian wheat rose 31.7% to 4,871.5 rubles per tonne on December 11 from 3,696.3 rubles per tonne a week earlier, the Russian Agriculture Ministry said.

The growth rate of the wheat duty continues to grow, rising from 22.4% a week ago.

The duty on barley rose to 2,229.1 rubles from 1,767.7 rubles a tonne and that on corn to 4,513.2 rubles from 4,127 rubles a tonne.

The duties are based on indicative prices of $233.3 per tonne for wheat against $223.8 per tonne in the previous week, $187.5 per tonne for barley versus $186.5 per tonne and $218 per tonne for corn against $218.9 per tonne.

The new duties will be valid until December 17 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 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 initially and in rubles since July 2022. The duty is 70% of the difference between reference and indicative prices.

The reference price for calculating the export duty on wheat was initially 15,000 rubles per tonne and the reference price on barley and corn was 13,875 rubles per tonne. These were raised in July 2023 to 17,000 rubles per tonne and 15,875 rubles per tonne, respectively. The prices were raised again on June 28, 2024 to 18,000 rubles per tonne for wheat and 16,875 rubles per tonne for barley and corn.