- Corn: Russia reinstates a corn export duty at RUB 212.2/ton after five months at zero, mildly bearish for Russian corn exports.
- Wheat: Wheat export duty jumps 37% to RUB 707.8/ton, increasing export costs and potentially tightening Russian export competitiveness.
- Barley: Barley export duty remains at zero despite a rise in its indicative price, supporting continued competitiveness.
- Market Impact: Higher Russian corn export costs may redirect demand toward alternative Black Sea origins, particularly Ukraine.
Russia Reinstates Corn Export Duty After Five-Month Hiatus
The Russian Ministry of Agriculture has reinstated export duties on corn for the first time since October 22, 2025, ending a five-month period of duty-free corn exports. From April 1–7, the corn export duty will be set at RUB 212.2 per ton, replacing the previous zero rate.
The ministry updates its export duty calculations weekly based on indicative prices for wheat, corn, and barley. The latest data show a slight increase in the indicative corn price to $220.4 per ton, up from $219.8 per ton. Wheat’s indicative price edged lower to $230.5 per ton from $231.5 per ton, while barley’s indicative price rose to $211.6 per ton from $208 per ton.
Grain Prices and Export Duties
| Commodity | Indicative Price (Current) | Indicative Price (Previous) | Export Duty (Current) | Export Duty (Previous) |
|---|---|---|---|---|
| Corn | $220.4/ton | $219.8/ton | RUB 212.2/ton | RUB 0/ton |
| Wheat | $230.5/ton | $231.5/ton | RUB 707.8/ton | RUB 516.5/ton |
| Barley | $211.6/ton | $208.0/ton | RUB 0/ton | RUB 0/ton |
Market Impact and Trade Flows
The reinstated corn export duty will add roughly $2.20 per ton to Russian corn export costs at current RUB/USD exchange rates, slightly eroding Russia’s price competitiveness in global markets. This is considered mildly bearish for Russian corn export volumes, especially into price-sensitive destinations in North Africa, the Middle East, and parts of Asia.
Higher wheat export duties, now at RUB 707.8 per ton after a 37% increase, reinforce the government’s effort to manage domestic grain prices and availability. In contrast, keeping the barley duty at zero despite higher indicative prices supports continued export activity in that segment.
Traders will be watching closely to determine whether the return of the corn duty signals the start of a more sustained tightening in Russian grain export policy or remains a short-term measure tied to internal price stabilization. Any prolonged increase in duties could channel additional demand toward alternative Black Sea suppliers, particularly Ukraine, and potentially reshape regional trade flows.
Source: Market Data
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