Export duties on Russian on wheat, barley, corn to be zero again as of May 6 - AgMin

MOSCOW. April 30 (Interfax) - The export duties on Russian on wheat, barley, and corn will be zero as of May 6 for the third consecutive week, the Agriculture Ministry said

The new rates are valid until May 13, inclusive.

The duties are based on indicative prices of $234.60 per tonne for wheat against $234.70 per tonne the previous duty period, $224.10 per tonne for barley versus $224 per tonne, and $220.30 per tonne for corn against $217.80 per tonne.

The ministry has clarified that the duties set for May 8 are valid from May 14 to 19 owing to the May holidays.

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.