From March 20, 2024, Russia's wheat export duty will be set at 3,143 rubles ($34.27) per metric ton, as announced by the Russian Ministry of Agriculture. Additionally, the export duty for barley has been determined at 408.1 rubles ($4.45) per metric ton, while corn will have an export duty of 71.2 rubles ($0.77) per metric ton. These rates reflect the government's ongoing management of export duties to regulate the grain market and influence international trade dynamics.
The determination of these export duties is based on indicative prices: $236.6 per metric ton for wheat and meslin (a blend of wheat and rye), $181.2 for barley, and $175.9 for corn. These values serve as benchmarks for calculating the respective export duties, illustrating the methodical approach taken by the Russian government to align domestic market activities with global grain price movements.
Since June 2, 2021, Russia has implemented a floating duty mechanism for grain exports, allowing for weekly adjustments in duty rates to adapt to global market conditions. Initially calculated in dollars, these duties were later converted to rubles post-July 1, 2022. The Ministry of Agriculture's weekly publication of these fees on its website provides transparency and predictability in Russia's grain export strategy, affecting both domestic and international grain markets.