Duty on grain exports from Russia to be zeroed out on Jan 14 - AgMin

MOSCOW. Jan 14 (Interfax) - There will be a zero export duty on Russian grain from January 14 until January 20 inclusive, the Russian Agriculture Ministry reported.

This replaces the duty of 97.3 rubles per tonne which was in effect until January 13 inclusive.

Barley and corn export duties remained at zero, as they have been for an extended period of time.

These duties were calculated based on indicative prices of $229.2 per tonne for wheat, compared with $228.4 for the previous period, $219.6 per tonne for barley, compared with $219.3, and $200.6 per tonne for corn, compared with $200.9.

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 . The duty is 70% of the difference between the reference and indicative prices.

The current base price for wheat is 18,000 rubles per tonne and 17,875 rubles per tonne for barley and corn.