Duty on Russian wheat exports increases 2.2-fold from Aug 19 to 721.1 rubles per tonne

MOSCOW. Aug 19 (Interfax) - The duty on wheat exports from Russia is 721.1 rubles per tonne from August 19, the Agriculture Ministry said.

It therefore increases 2.2-fold compared to the duty in effect through August 18, which was 326.6 rubles per tonne.

The duty on barley exports remains at zero, while the duty on corn exports increases to 285 rubles per tonne from 105 rubles per tonne.

These duties will be in effect through August 25 inclusive.

The duties are calculated based on indicative prices of $231.2 per tonne for wheat ($230 for the previous period), $193.5 per tonne for barley ($190.9) and $222.1 per tonne for corn ($224.5).

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.