Export duties on Russian wheat to rise 9.8% from Oct 18 to 5,735 rubles/tonne - AgMin

MOSCOW. Oct 13 (Interfax) - The duty on Russian wheat exports in the week starting October 18 will be 5,734.7 per tonne versus 5,224 rubles in the current week, the Agriculture Ministry said.

The duty will rise 9.8%.

The duty on barley will fall to 772.6 rubles from 1,116.1 rubles per tonne, while for corn it will rise to 3,271.8 rubles from 3,120.8 rubles per tonne.

The new duties are based on indicative prices: $251.2 per tonne for wheat, compared with $248.8 a week earlier, $169.3 for barley, compared with $178.4, and $204.9 for corn, down from $206.8.

The duties will be valid through October 24 inclusive.

As reported, as of June 2023, the base price for calculating the export duty on wheat was increased to 17,000 from 15,000 rubles per tonne, while for barley and corn, it went up to 15,875 rubles from 13,875 rubles per tonne.

Russia introduced a grain damper mechanism on June 2, 2021, which provides for floating duties on exports of wheat, corn and barley. The funds received from the duties go towards subsidies for agricultural producers. The amount of duties is calculated weekly with price indicators based on export contract prices that are registered on the MOEX. As of July 2022, duty rates have been determined in rubles. The duty is 70% of the difference between the base and indicative prices.