Export duty on Russian wheat to decline 1.9% as of May 4 - Agriculture Ministry

MOSCOW. April 28 (Interfax) - The export duty on Russian wheat will accelerate its decline for the fourth consecutive week to 1.9% from 1.4% the previous week to 5,573.2 rubles per tonne as of May 4 from 5,678.9 rubles per tonne the previous seven-day period, Agriculture Ministry said in a statement.

The duty on barley will decrease to 2,195.4 rubles per tonne from 2,496 rubles per tonne, and the duty on corn will decline to 3,000 rubles per tonne from 3,215.8 rubles per tonne.

The duties are based on indicative prices of $281.70 per tonne for wheat compared to $283 per tonne the previous seven-day period, $208.70 per tonne for barely versus $213.70 per tonne, and $222.80 per tonne for corn against $226.30 per tonne.

The latest duties will be valid through May 11.

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 .