Export duty on Russian wheat to be 5,700 rubles/tonne as of August 5 - Agriculture Ministry

MOSCOW. July 31 (Interfax) - The export duty on Russian wheat will jump to 5,700 rubles per tonne as of August 5 from zero the previous three duty periods, the export duty on barley will remain zero, and the export duty on corn will drop 41.2% to 137.2 rubles per tonne from 232.6 rubles per tonne, the Agriculture Ministry said.

The rates are valid until August 11, inclusive.

The duties are based on indicative prices of $229.40 per tonne for wheat against $228.40 per tonne the previous duty period, $191.10 per tonne for barley versus $191 per tonne, and $230.20 per tonne for corn against $232.20 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.