Export duty on Russian wheat rises 4.8% to 3,804.6 per tonne as of Feb 7 - AgMin

MOSCOW. Feb 7 (Interfax) - The export duty on Russian wheat has risen to 3,804.6 rubles per tonne for week February 7-13, up 4.8% from 3,630.2 rubles at present, the Agriculture Ministry said.

The duty on barley has increased to 827 rubles from 512 rubles per tonne, and the duty on corn to 1,339.8 rubles from 926 rubles per tonne.

Duty rates are based on indicative prices of $251.1 per tonne for wheat compared with $251.3 the previous week, $190.9 for barley, up from $188.1, and $199.1 for corn, up from $194.8.

The Russian 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 .

The Agriculture Ministry on June 1, 2023, hiked the baseline price for calculating the export duty on wheat, the so-called cut-off price, to 17,000 rubles per tonne from 15,000 rubles per tonne, and raised the baseline price on barley and corn to 15,875 rubles per tonne from 13,875 rubles per tonne.

The government on June 30, 2022, adopted a resolution to convert the duties into rubles as of July 2022. The duty totals 70% of the difference between the baseline price and the indicative price.