The export duty on wheat from Russia will be reduced to $114.3 from $120.1 per ton from May 13, the Agriculture Ministry said.

The decrease occurred for the first time since March 16.

The duty on barley rose to $74.1 from $73.5 per ton, and on corn – to $77 from $58.3 per ton.

These duties will be valid until May 17.

The amount of duties is calculated on the basis of indicative prices. The price for wheat was $363.4 per ton ($371.6 to calculate the previous duty), for barley – $290.9 ($290), for corn – $295 ($268.4) per ton.

From June 2, 2021, Russia introduced a mechanism of grain dampener, 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 on the basis of price indicators based on the prices of export contracts, which are registered on the Moscow Exchange. The cut-off price for wheat is set at $200 per ton, for corn and barley – $185 per ton. The amount of duty is 70% of the excess of this figure.