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The EU increased the duty by 2 times for corn imports due to low prices

05.05.2020

Steadily low prices for corn all over the world and sufficient supplies of grain led to the second update of import duties in the EU from €5,27 to € 10.40 per ton.

This was reported in the material of the "European Commission".

“The collapse in oil prices led to a drop in demand for bioethanol fuel in the United States, as well as lower freight costs. In addition, a record global corn crop is expected in 2020/21 MY. The combination of these factors led to the fact that market prices for corn in the port of Rotterdam in the USA amounted to € 146.63 per ton, ”the EC says.

The report states that on April 27, an automatic mechanism for calculating import duties was launched, setting the import duty on corn, sorghum and rye at € 5.27 per ton. The new calculation led to a revision of the import duty on corn, sorghum and rye at € 10 , 40 per t.

For more information on import duties on products used since May 5, 2020, please click here.

Recall that the decline in export prices for Ukrainian corn from $ 180 to $ 168-170 per ton FOB for May deliveries almost stopped exports.

From latifundist.com