Duties on Russian wheat, barley, corn exports to remain at zero from May 14 - Agriculture Ministry

MOSCOW. May 8 (Interfax) - Duties on exports of wheat, barley and corn from Russia from May 14 will remain at zero for the fourth consecutive week, the Agriculture Ministry said.

The rates will be in effect through May 19 inclusive.

The rates were calculated based on indicative prices of $230.7 per tonne of wheat ($234.6 for the previous period), $221.9 per tonne of barley ($224.1) and $220 per tonne of corn ($220.3).

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.