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Russia will lower export duty on wheat to $19 per ton from July 10

At the end of June, the Russian government adjusted the calculations of export duties on grain

MOSCOW, July 5. /TASS/. The duty on the export of wheat and meslin from Russia will be reduced to 1,701.3 rubles ($19) from July 10, 2024 against the current rate of 1,818.2 rubles ($20.3) per ton, the Ministry of Agriculture said.

The duty on the export of barley and corn will remain at zero, 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 $235.4 per metric ton, for barley - at a price of $175.9 per metric ton, and for corn - $188.4 per metric ton.

At the end of June, the Russian government adjusted the calculations of export duties on grain - the basic export prices for wheat, meslin, barley, and corn were increased by 1,000 rubles ($11.19) per ton.

In 2021 the Russian government has introduced floating duties on grain exports. The duty amounts to 70% of the difference between the basic price and the indicative price. It is calculated weekly taking into account indicators based on export contract prices registered on the Moscow Exchange.

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