Duties on Russian exports of wheat, barley, corn to be zero from July 15 - Agriculture Ministry

MOSCOW. July 10 (Interfax) - The duty rate on Russian exports of wheat, barley and corn will be zero from July 15, the Agriculture Ministry said on Friday.

From July 3, the duty on wheat was 370.1 rubles per tonne. Prior to this, it had been at zero from April 22.

The duty on barley and corn has remained at zero since April 15.

The rates will be in effect through July 21 inclusive.

The duties are calculated based on indicative prices of $232.3 per tonne of wheat ($239.4 for the previous period), $213.6 per tonne of barley ($218.3) and $230.5 per tonne of corn ($230.3).

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.