Export duty on wheat from Russia will increase to $131.6 from $129.2 per ton from June 16, according to the Ministry of Agriculture.

The duty on barley, which has been kept at the same level for three weeks ($76.5 per ton), will go up to $92.8 per ton, while the duty on corn – will rise to $84 from $78.7 per ton.

These duties will be valid until June 21 (taking into account an additional day off).

The amount of duties is calculated on the basis of indicative prices. The price for wheat was $386 per ton ($383.4 to calculate the previous duty), for barley – $317.6 ($294.3), for corn – $305.5 ($297.5) per ton.

The duty on wheat is calculated on the basis of a progressive scale, which provides for an indicative price above $375 per ton. The progressive scale of duty calculation was approved by the government’s resolution N2595 of December 31, 2021 and refers to the so-called second stage of the formula. It provides that the duty will be 80% of the difference between the indicative and base price. In this case, its amount consists of two parts: of the duty rate calculated at a price up to $375 per ton and above this indicator.

On June 2, 2021, the Russian Federation 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.