26 Apr 2023 09:51

Export duty on Russian wheat declines 1.4% as of April 26 - Agriculture Ministry

MOSCOW. April 26 (Interfax) - The export duty on Russian wheat has declined 1.4% to 5,678.9 rubles per tonne as of April 26 from 5,759.5 rubles per tonne the previous seven-day period after three weeks of growth, the Agriculture Ministry said in a statement.

The duty on barley has risen to 2,496 rubles per tonne from 2,480.7 rubles per tonne, while the duty on corn has declined to 3,215.8 rubles per tonne from 3,729.3 rubles per tonne.

The duties are based on indicative prices of $283 per tonne for wheat compared to $283.90 per tonne the previous seven-day period, $213.70 per tonne for barely versus $212.90 per tonne, and $226.30 per tonne for corn against $234.70 per tonne.

The latest duties will be valid through May 2.

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 .