OREANDA-NEWS  The duty rate on wheat exports from the Russian Federation will increase by 5.7% from April 9, to 2,031.4 rubles from 1,921.6 rubles per ton a week earlier, according to the Ministry of Agriculture.

The duty on barley will increase to 252.2 rubles from 220 rubles per ton, on corn - to 1,251.7 rubles from 1,216.8 rubles.

The rates were calculated based on indicative prices: $247.4 per ton for wheat ($246.2 for the previous period), $204 for barley ($204), $220.9 for corn ($220.9).

The new rates will be valid until April 15th inclusive.

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