Export duty on Russian wheat is 326.6 rubles/tonne as of August 12 - Agriculture Ministry

MOSCOW. Aug 12 (Interfax) - The export duty on Russian wheat is 326.6 rubles per tonne as of August 12, the export duty on barley remain zero, and the export duty on corn is 137.2 rubles per tonne, the Agriculture Ministry said.

The rates are valid until August 18, inclusive.

The duties are based on indicative prices of $230 per tonne for wheat against $229.40 per tonne the previous duty period, $190.90 per tonne for barley versus $191.10 per tonne, and $224.50 per tonne for corn against $230.20 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.