The export duty on wheat from Russia will rise to $98.2 per ton from January 12 next year, the Moscow-based Interfax News Agency reported on Thursday with reference to the country's Ministry of Agriculture. The previous duty was $94.9 per ton.
The duty on barley will rise to $86.2 per ton from $83.5, while the export duty on corn will decrease to $67.9 per ton from $69.
The new duty rates will remain in effect until Junuary 18.
They are calculated based on indicative prices for wheat at $340.4 ($335.6 for the previous duty rate), for barley at $308.2 (304.4), for corn at $281.8 ($283.6) per ton.
Since June 2, Russia has introduced a grain damper mechanism, which provides for floating duties on the export of wheat, corn and barley. The government uses the funds received from the duties to subsidize agricultural producers. The duty rates are calculated weekly based on price indicators calculated using export contract prices that are listed on the Moscow Exchange.
According to the forecast of the Ministry of Agriculture, grain exports in current agricultural season (July 2021 - June 2022) will amount to 45-48 million tons. During the previous agricultural season, which ended on June 30, Russia exported 49 million tons of grain, including 38.4 million tons of wheat.