The export duty on Russian wheat will be 652.5 rubles per tonne starting June 11, down 37.5% from 1,023.5 rubles per tonne in the current week, the Russian Agriculture Ministry said.
The duty on barley is again zero, while the duty on corn decreases from 506.1 rubles per tonne to 359.9 rubles per tonne, Interfax reported.
The duties are based on indicative prices of $240.5 per tonne for wheat ($244.3 previously), $204 for barley ($204) and $220.9 for corn ($220.9).
They will remain in effect until June 17 inclusive.
Russia introduced a grain damper mechanism on June 2, 2021, which stipulates floating duties on the export of wheat, corn and barley and the return of funds received from them to subsidize agricultural producers. The duties are calculated weekly from indicators based on the prices of export contracts registered on the Moscow Exchange. Duty rates were initially calculated in dollars and in rubles since July 2022.
The reference price for calculating the export duty on wheat was initially 15,000 rubles per tonne and the reference price on barley and corn was 13,875 rubles per tonne. These were raised in June 2023 to 17,000 rubles per tonne and 15,875 rubles per tonne, respectively. The prices were raised again on June 28, 2024, to 18,000 rubles per tonne for wheat and 16,875 rubles per tonne for barley and corn.
