Export duties on Russian wheat, corn, barley to stand at zero again from April 29 - ministry

MOSCOW. April 27 (Interfax) - The export duty rate on Russian wheat, corn and barley will remain at zero from April 29 for the second week in a row, the Russian Agriculture Ministry said on Saturday.

These rates are valid through May 5 inclusive.

The rates were calculated based on indicative prices of $234.7 per tonne of wheat ($234.4 for the previous period), $224 per tonne of barley ($223.8) and $217.8 per tonne of corn ($220.8).

The ministry said that due to the May holidays the rates it would announce on April 30 are valid for May 6-13. The next validity period is May 14-19. These rates will be announced on May 8.

Russia introduced a grain damper mechanism on June 2, 2021. It 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.