Export duty on Russian wheat to decline 0.5% to 5,344 rubles/tonne as of March 15, first decrease since end of January - Agriculture Ministry

MOSCOW. March 10 (Interfax) - The export duty on Russian wheat will decline 0.5% to 5,344 rubles per tonne as of March 15 from 5,371.6 rubles per tonne the previous seven-day period, and this is the first decrease in the duty since January 25 this year, the Agriculture Ministry said in a statement.

The duty on barley will decline to 3,016.6 rubles per tonne from 3,548.8 rubles per tonne, and the duty on corn will decrease to 2,615.3 rubles per tonne from 2,740 rubles per tonne.

The duties are based on indicative prices of $300 per tonne for wheat compared to $302.20 per tonne the previous seven-day period, $241.10 per tonne for barely versus $252.50 per tonne, and $233.50 per tonne for corn against $237.10 per tonne.

The latest duties will be valid through March 21.

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 .