Russia: Export duty on Russian barley remains nil

The export duty on Russian wheat will fall 41.2% to 906.4 rubles per tonne in the week starting July 30 from 1,540.4 rubles per tonne during current period, the Agriculture Ministry said.

The duties on barley and corn will remain zero.

Duty rates are based on indicative prices of $220.5 per tonne for wheat against $229.6 per tonne in the current period, $177.9 per tonne for barley versus $177.1 per tonne, and $187.4 per tonne for corn against $188 per tonne.

The duties will be valid until August 6, inclusive.

Russia introduced a grain damper mechanism on June 2, 2021, which provides for 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 . Duty rates were calculated in dollars at first, and, since July 2022, in rubles. The duty is 70% of the difference between reference and indicative prices.

The Agriculture Ministry on June 1, 2023, hiked the reference price for calculating the export duty on wheat to 17,000 rubles per tonne from 15,000 rubles per tonne, and the reference price on barley and corn to 15,875 rubles per tonne from 13,875 rubles per tonne. These rose to 18,000 rubles for wheat and 16,875 rubles for barley and corn on June 28, 2024.

26 July, 2024