Export duty on Russian wheat declines 5.3% as of May 12 - Agriculture Ministry

MOSCOW. May 12 (Interfax) - The export duty on Russian wheat has declinedto 5,279.2 rubles per tonne against 5,573.2 rubles per tonne the week before, the Agriculture Ministry said.

The pace of the duty decline accelerated to 5.3% from 1.9% a week earlier. The duty has been reduced for the fifth week in a row.

The duty per tonne on barley has increased to 2,676.2 rubles from 2,195.4 rubles, and on corn, it has decreased to 2,523.9 rubles from 3,000 rubles per tonne.

The duties were calculated based on indicative prices: $279.7 per tonne for wheat, versus $281.7 a week earlier, $219.6 for barley versus $208.7, and $216.9 for corn versus $222.8 the previous week.

The new duties will be in effect through May 16, inclusive.

Starting July 2022, duties have been 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, at 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 duty amounts are calculated weekly from price indicators taken from export contracts registered on the Moscow Exchange.