- Zero export duties sustained: Russia keeps wheat, barley, and corn export duties at zero for a third consecutive week from May 6–13, supporting competitive Black Sea offers.
- Stable wheat, firmer corn: Wheat indicative prices are essentially flat, while corn edges higher, signaling steady to slightly improving demand for Russian grain.
- Supportive for exports: Duty-free conditions lower cost barriers for buyers and should underpin continued strong Russian wheat and corn shipments into mid-May.
Russian Grain Export Duties Hold at Zero Through May 13
The Russian Ministry of Agriculture will maintain export duties on wheat, barley, and corn at zero through May 13, extending duty-free shipments for a third consecutive week starting May 6. This policy keeps Russian grain highly competitive in global markets, particularly in the Black Sea export corridor, where pricing is highly sensitive to tax changes and logistics costs.
Indicative prices used for duty calculations show marginal moves across the complex. Wheat prices eased slightly to $234.6 per ton from $234.7 per ton in the prior period, while barley edged up to $224.1 per ton from $224.0 per ton. Corn recorded a more noticeable increase to $220.3 per ton from $217.5 per ton, highlighting a firmer tone in corn demand relative to wheat and barley.
| Commodity | Current Price ($/ton) | Previous Price ($/ton) | Export Duty |
|---|---|---|---|
| Wheat | 234.6 | 234.7 | Zero |
| Barley | 224.1 | 224.0 | Zero |
| Corn | 220.3 | 217.5 | Zero |
Market Impact and Outlook
Neutral to slightly bullish for Russian origins: The continuation of zero export duties removes a key cost component for international buyers, helping Russian grain retain or expand market share in price-sensitive destinations. Stable wheat prices alongside modest gains in corn suggest steady underlying demand and a constructive backdrop for Black Sea FOB values.
With duties set at zero through at least May 13, exporters can continue to market Russian wheat and corn aggressively, which should support active sales programs into early May loadings. Market participants will focus on any policy signals regarding duty levels beyond mid-May, as a shift away from the current duty-free environment could quickly alter trade flows and price competitiveness.
Source: Market Data
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