Export duties on Russian wheat, barley to remain zero, corn to be 232.6 rubles/tonne as of July 29 - Agriculture Ministry

MOSCOW. July 27 (Interfax) - The export duties on Russian wheat and barley will remain zero, and the export duty on corn will be 232.6 rubles per tonne as of July 29 for the duty period, the Agriculture Ministry said, having amended the previously published export duties.

The rates are valid until August 4, inclusive.

The duties are based on indicative prices of $228.40 per tonne for wheat against $229.10 per tonne the previous duty period, $191 per tonne for barley versus $186 per tonne, and $232.20 per tonne for corn against $231.30 per tonne.

The zero duty on wheat exports has been valid since April 22 this year, except for July 3 to 10, when it was 370.10 rubles per tonne. The duty on barley and corn has been zero since April 15.

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.