OREANDA-NEWS  The duty rate on wheat exports from the Russian Federation from July 2 will be 56.3 rubles against 248.3 rubles per ton a week earlier, according to the Ministry of Agriculture.

Thus, it will decrease by 4.4 times and become the lowest since its introduction (June 2021).

The duty on barley will once again be zero, and on corn it will increase to 931.6 rubles from 358.1 rubles.

The rates were calculated based on indicative prices: $230.7 per ton for wheat ($233.2 for the previous period), $195.8 for barley ($197.4), $232.3 for corn ($220.9).

The new rates will be valid until July 8th.

Since June 2, 2021, the Russian Federation has introduced a grain damper mechanism, which provides for floating duties on exports of wheat, corn and barley and the return of funds received from them to subsidize agricultural producers. The amount of duties is calculated weekly based on indicators based on export contract prices, which are registered on the Moscow Stock Exchange. At first, the duty rates were calculated in dollars. Since July 2022, they have been determined in rubles. The fee is 70% of the difference between the base and indicative prices.

At first, the base price for calculating duties was 15 thousand rubles per ton of wheat and 13,875 thousand rubles per ton of barley and corn. Since June 2023, it has been increased to 17 thousand and 15,875 thousand rubles per ton, respectively. Starting from June 28, 2024, the base price for wheat is 18 thousand rubles, for barley and corn - 16,875 thousand rubles per ton.