Export duties on Russian on wheat, barley, corn to remain zero as of June 17 - Agriculture Ministry

MOSCOW. June 11 (Interfax) - The export duties on Russian on wheat, barley, and corn, which have been in force for five years already, will remain zero as of June 17 for the ninth consecutive week, the Agriculture Ministry said.

The rates are valid until June 23, inclusive.

The duties are based on indicative prices of $233.10 per tonne for wheat against $233.10 per tonne the previous duty period, $218.30 per tonne for barley versus $219 per tonne, and $229.30 per tonne for corn against $228.40 per tonne.

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.