According to the information from the Ministry of Agriculture, starting from May 8, the export duty on wheat from Russia will be 3,277.7 rubles per ton, while the previous duty, valid from May 6-7, was 3,386 rubles. This corresponds to a 3.2% decrease in the duty rate.
As per the Ministry of Agriculture, the export duty on barley will be zero, meaning no duty will be applied, whereas the previous duty was 153.6 rubles per ton. The export duty on corn will remain at zero, unchanged from the previous rate.
The calculations to establish these duty rates were based on indicative prices, equal to $234.8 per ton of wheat ($235 a week earlier), $169.3 per ton of barley ($173.2), and $168.1 per ton of corn ($167).
The established duty rates will be in effect until May 14, and the rates to be published on May 8 will apply from May 15 to 21.
Starting from June 2, 2021, Russia has implemented a grain export duty mechanism that involves adjusting the duties on wheat, corn, and barley exports based on prices on the Moscow Exchange. The duty revenues are used to subsidize agricultural producers. Initially, the duty rates were determined in dollars, but from July 2022, they began to be determined in rubles. Currently, the duty rate is 70% of the difference between base and indicative prices.
