Export Duty on Grain from Russia to Increase, Reaching Up to $110.7

The export duty on wheat from Russia will increase from April 20 to 26, reaching $110.7 per ton, up from $101.4 per ton the previous week, according to the Russian Ministry of Agriculture.

The duty on barley will rise to $76 per ton, compared to $75.4 per ton a month earlier, while the corn export duty will increase to $66.1 per ton, up from $65.8 last week. The export duties for wheat and meslin (a mixture of wheat and rye) are calculated based on a reference price of $358.2 per ton for wheat, $293.6 per ton for barley, and $279.5 per ton for corn.

The duties will be applied from the third working day after their posting and will remain in effect until the start of the next duty calculations. Since April 1, 2021, the Russian Ministry of Agriculture has been testing the mechanism for calculating the 'floating' export duty on grains, which came into effect on June 2, 2021.

Since February 5, market participants have been reporting data on contracts concluded on the Moscow Exchange to form the reference price. Based on this information, the Ministry of Agriculture determines the duty amount for a one-week period. The calculated duties are published weekly on the ministry's website, as reported by TASS.