Duties on Russian wheat, barley, corn exports to be set at zero from April 22 - Agriculture Ministry

MOSCOW. April 17 (Interfax) - The duty rate on exports of wheat from Russia will be zero from April 22 compared to 329 rubles per tonne a week earlier, the Agriculture Ministry said.

The duty rate has therefore returned to the level of mid-March.

Duties on exports of barley and corn will remain at zero for the second week in a row.

These rates will be in effect through April 29 inclusive.

The rates were calculated based on indicative prices of $234.4 per tonne for wheat ($233.3 for the previous period), $223.8 per tonne for barley ($218.2) and $220.8 per tonne for corn ($222.2).

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. The duty is 70% of the difference between the reference and indicative prices.

The base price is currently 18,000 rubles per tonne for wheat and 17,875 rubles per tonne for barley and corn.