Duty on Russian wheat exports will be 370.1 rubles per tonne from July 8, duties on barley, corn to remain at zero - Agriculture Ministry

MOSCOW. July 8 (Interfax) - The duty rate on exports of wheat from Russia from July 8 will amount to 370.1 rubles per tonne, the Agriculture Ministry said.

Prior to this, since April 22, it had been zero.

The duty rates on exports of barley and corn will remain at zero. They have been at this level since April 15.

All rates will be in effect through July 15 inclusive.

They were calculated based on indicative prices of $239.4 per tonne of wheat ($233.8 for the previous period), $218.3 per tonne of barley ($218.3) and $230.3 per tonne of corn ($230.8).

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.