Export duties on Russian wheat, barley, corn remain zero for coming week - Agriculture Ministry

MOSCOW. March 12 (Interfax) - The export duty on Russian wheat remains zero for the period March 12-17 for the ninth consecutive week, the Agriculture Ministry said.

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

The duties are based on indicative prices of $231.5 per tonne for wheat against $229.80 per tonne the previous duty period, $230.8 per tonne for barley versus $231.40 per tonne, and $218.6 per tonne for corn against $214.3 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 . 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.