Export duty on Russian wheat rises 1.8% to 5,371.6 rubles/tonne as of March 9 - Agriculture Ministry

MOSCOW. March 9 (Interfax) - The export duty on Russian wheat has risen 1.8% to 5,371.6 rubles per tonne as of March 9 from 5,275.2 rubles per tonne the previous seven-day period, the Agriculture Ministry said in a statement.

The duty on barley has declined to 3,548.8 rubles per tonne from 3,872.3 rubles per tonne, and the duty on corn will increase to 2,740 rubles per tonne from 2,264.6 rubles per tonne.

The duties are based on indicative prices of $302.20 per tonne for wheat compared to $303.20 per tonne the previous seven-day period, $252.50 per tonne for barely versus $261.10 per tonne, and $237.10 per tonne for corn against $230.20 per tonne.

The latest duties will be valid through March 14.

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 .