Duties on Russian wheat, barley, corn exports remain at zero from June 24 - Agriculture Ministry

MOSCOW. June 24 (Interfax) - Duties on exports of wheat, barley and corn from Russia remain at zero from June 24.

The calculation was presented by the Agriculture Ministry.

These rates will be in effect through June 30 inclusive.

They were calculated based on indicative prices of $233 per tonne of wheat ($233.1 for the previous period), $218.3 per tonne of barley ($218.3) and $231 per tonne of corn ($229.3).

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.