Export duty on Russian wheat to jump 24.8% on Dec 28, valid through Jan 10 - Agricultural Ministry

MOSCOW. Dec 23 (Interfax) - The export duty on Russian wheat will jump 24.8% to 4,160.9 rubles per tonne on December 28 from 3,333.8 rubles per tonne the previous week, the Agriculture Ministry said in a statement.

The duty on barley will rise to 3,420.4 rubles per tonne from 2,686.9 rubles per tonne, and the duty on corn will increase from zero to 692.6 rubles per tonne.

The Agriculture Ministry's press service told Interfax that the latest duties would be valid through January 10, 2023, because of the long New Year holidays. The duties announced on December 30, 2022, will be valid from January 11 to 17, 2023.

The duties are based on indicative prices of $312.8 per tonne for wheat compared to $314.40 per tonne the previous week, $280.20 per tonne for barely versus $281.80 per tonne, and $222 per tonne for corn against $218.50 per tonne.

The Russian government on June 30, 2022, adopted a resolution to convert the duties into rubles. The baseline price for calculating the export duty is 15,000 rubles per tonne for wheat and 13,875 rubles per tonne for barley and corn, respectively. The duty totals 70% of the difference between the baseline price and the indicative price.

The government on June 2, 2021, introduced a grain damper mechanism that stipulates floating duties on exports of wheat, corn, and barley, as well as returning the funds received from the duties in order to subsidize agricultural producers. The duties are calculated weekly on the basis of price indicators based on the value of export contracts registered on the Moscow Exchange .