- Zero export duties extended: Russia will keep export duties on wheat, barley, and corn at zero rubles per tonne through February 24, sustaining its competitive edge in global grain markets.
- Indicative prices inch higher: Wheat rose to $228/tonne, barley to $231.4/tonne, and corn to $198.6/tonne, reflecting steady external demand without sharp volatility.
- Stable base prices: Duty calculations remain anchored to unchanged base prices of 18,000 rubles/tonne for wheat and 17,875 rubles/tonne for both barley and corn.
- Market tone: Neutral to slightly bullish: Persistent zero duties and marginal price gains support ongoing export flows from the Black Sea without adding duty-related cost pressure.
Russia Extends Zero Export Duties on Key Grains
The Russian Ministry of Agriculture has confirmed that export duties on wheat, barley, and corn will remain at zero rubles per tonne for the week of February 18–24. This marks the sixth consecutive week of zero export duty on wheat, with corn and barley also maintaining a zero rate throughout 2025. The decision ensures continued cost competitiveness for Russian exporters in the Black Sea grain corridor.
Indicative Price Movements
Updated indicative prices used for duty calculations show modest week-on-week increases across all three commodities. Wheat prices rose slightly to $228 per tonne from $227.4, barley edged higher to $231.4 per tonne from $231.1, and corn moved up to $198.6 per tonne from $197.9. These incremental gains point to steady demand without signaling aggressive tightening in global supply conditions.
| Commodity | Indicative Price (Current Week) |
Indicative Price (Previous Week) |
Change |
|---|---|---|---|
| Wheat | $228.0/tonne | $227.4/tonne | +0.6 |
| Barley | $231.4/tonne | $231.1/tonne | +0.3 |
| Corn | $198.6/tonne | $197.9/tonne | +0.7 |
| Commodity | Export Duty | Base Price for Duty |
|---|---|---|
| Wheat | 0 rubles/tonne | 18,000 rubles/tonne |
| Barley | 0 rubles/tonne | 17,875 rubles/tonne |
| Corn | 0 rubles/tonne | 17,875 rubles/tonne |
Market Impact and Trading Implications
The continuation of zero export duties is broadly neutral to slightly bullish for Russian grain exports. With no additional duty-related costs feeding into FOB values, Russian wheat, barley, and corn remain price-competitive versus alternative origins. The marginal uptick in indicative prices suggests a firm but orderly demand environment, supporting uninterrupted export activity from Black Sea ports at least through February 24.
For traders and buyers, the policy stability around export duties reduces short-term regulatory risk and helps maintain predictable pricing structures. Unless there is a shock from weather, logistics, or geopolitics, current conditions point toward continued steady flows rather than a disruptive shift in global grain balances.
Source: Market Data
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