Wheat, barley, corn export duties to remain at zero from May 27 - Russian AgMin

MOSCOW. May 22 (Interfax) - Export duties for wheat, barley and corn will remain at zero from May 27, for the sixth consecutive week, the Russian Agricultural Ministry reported.

They will be in effect until June 2 inclusive.

These duties were calculated based on indicative prices of $231.9 per tonne for wheat, versus $230.7 for the previous period, $222.6 per tonne for barley, compared with $221.4, and $224.9 per tonne for corn, compared with $221.4.

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 current reference price for wheat is 18,000 rubles per tonne and 17,875 rubles per tonne for barley and corn.