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Russia to cut wheat export duty to $10.3 per ton from July 31

The export duty rate for wheat is calculated on the basis of an indicative price of $220.5 per ton, for barley - $177.9 per ton, for corn - $187.4 per ton

MOSCOW, July 26. /TASS/. The export duty on wheat and meslin (a mixture of wheat and rye) from Russia will be lowered to 906.4 rubles ($10.3) per ton from July 31, 2024, compared to the current rate of 1,540.4 rubles ($17.5) per ton, the Russian Agriculture Ministry said.

The duty on barley will return to zero, as will the duty on corn.

The export duty rate for wheat is calculated on the basis of an indicative price of $220.5 per ton, for barley - $177.9 per ton, for corn - $187.4 per ton.

At the end of June, the Russian government adjusted the calculation of export duties on grain: the basic export prices for wheat, meslin, barley, and corn were increased by 1,000 rubles ($11.36) per ton. Thus, the basic export prices for wheat and meslin were increased to 18,000 rubles ($204.49), for barley and corn - to 16,875 rubles ($191.71).

In 2021 the Russian government introduced a variable duty on grain exports. The duty amounts to 70% of the difference between the basic price and the indicative price. It is calculated weekly on the basis of indicators based on the prices of export contracts registered on the Moscow Exchange.

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