Export duty on Russian wheat dips 1% to 4,719 rubles/tonne as of January 18 - Agriculture Ministry

MOSCOW. Jan 18 (Interfax) - The export duty on Russian wheat has dipped 1% to 4,719.4 rubles per tonne as of January 18, 2023, from 4,766.3 rubles per tonne the previous week, the Agriculture Ministry said in a statement.

The duty on barley rises to 3,977.6 rubles per tonne from 3,870.6 rubles per tonne, while the duty on corn drops to 1,174.6 rubles per tonne from 1,289.4 rubles per tonne.

The duties are based on indicative prices of $309.50 per tonne for wheat compared to $311.10 per tonne the previous week, $278.40 per tonne for barely versus $276.80 per tonne, and $221.40 per tonne for corn against $224.2 0per tonne.

The latest duties are valid through January 24.

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 .