Export duty on Russian wheat, barley, corn remains zero rubles per tonne as of Feb 4 - Agriculture Ministry

MOSCOW. Feb 4 (Interfax) - The export duty on Russian wheat remains at zero rubles per tonne as of February 4 for the fourth consecutive week, the Agriculture Ministry said.

The export duties on barley and corn also remain at zero rubles per tonne, where they have been for an extended period.

The new rates are valid until February 10, inclusive.

The duties are based on indicative prices of $227.30 per tonne for wheat against $226.30 per tonne the previous duty period, $202 per tonne for barley versus $203.70 per tonne, and $203.30 per tonne for corn against $199.60 per tonne.

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 initially calculated in dollars and in rubles since July 2022. The duty is 70% of the difference between the reference and indicative prices.

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