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Russia’s export duty on wheat down to $48.76 per tonne from September 14

On April 1, 2021, the Russian Ministry of Agriculture began testing the mechanism for calculating the "floating" duty on grain exports, which entered into force on June 2, 2021

MOSCOW, September 9. /TASS/. The duty on wheat exports from Russia from September 14 to 20, 2022 will amount to 2,962.9 rubles ($48.76) per tonne, according to the Ministry of Agriculture.

The duty on the export of barley will be 2,717.7 rubles ($44.72) and for corn - 3,784.4 rubles ($62.26) per tonne, the Ministry said.

The export duty rate for wheat and meslin (a mixture of wheat and rye) is calculated based on an indicative price of $316.8 per tonne, for barley - at a price of $292.5 per tonne, for corn - $317.6 per tonne. Rates shall apply from the third business day after their posting and will be in effect until subsequent duty rates become applicable.

On April 1, 2021, the Russian Ministry of Agriculture began testing the mechanism for calculating the "floating" duty on grain exports, which entered into force on June 2, 2021. From February 5, 2021 market participants transmit data on contracts to the Moscow Exchange to calculate the indicative price. Based on this information, the Ministry of Agriculture determines the amount of the duty for a period of one week. The calculated fees are published weekly on the ministry's website. Duties were calculated in dollars before July 1 and then were converted to rubles.

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