Russian export duty on wheat to increase 7.9% starting April 19 - Agriculture Ministry

MOSCOW. April 14 (Interfax) - The export duty on Russian wheat starting April 19 will be 5,759.5 rubles per tonne compared with 5,339.4 rubles per tonne the prior week, the Ministry of Agriculture reported.

That is an increase of 7.9% up from the 3.1% increase the week before.

The duty on barley will increase to 2,480.7 rubles from 1,646.7 rubles, and on corn to 3,729.3 rubles from 3,185.7 rubles per tonne.

The duties were calculated based on indicative prices: $283.9 per tonne for wheat ($289.2 a week earlier), $212.9 for barley ($207.4 prior week), and $234.7 for corn ($235.5 prior week).

The new duties will be in effect through April 25, inclusive.

From July 2022, duties are calculated in rubles. The base price for calculating the export duty for wheat is set at 15,000 rubles per tonne, and for barley and corn - 13,875 rubles per tonne. The duty is 70% of the difference between the base and indicative prices.

On June 2, 2021, Russia introduced a grain damper mechanism, which provides for floating duties on the export of wheat, corn and barley and the return of funds received from them to subsidize agricultural producers. The amount of duties is calculated weekly based on price indicators from the prices of export contracts registered on the Moscow Exchange.