Duties on Russian wheat, barley, corn exports remain at zero from June 3 - Agriculture Ministry

MOSCOW. June 3 (Interfax) - The duty rates on Russsian exports of wheat, barley and corn remain at zero from June 3.

Their calculation was presented by the Agriculture Ministry.

The rates will be in effect through June 9 inclusive.

The rates were calculated based on indicative prices of $232 per tonne of wheat ($231.9 for the previous period), $223.2 per tonne of barley ($222.6) and $226.1 per tonne of corn ($224.9).

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.