Russia wants to limit soybeans exports

Commodities , Food , Soybaens Aug 08, 2012 No Comments

SoybeansThe Russian government has decided to increase customs duties on soybeans, APK Inform reported. Currently set at 5%, with a minimum of 8.5 euros per tonne, they are raised from August 23rd to 20% with a minimum of 35 euros per tonne.

These tariffs apply to all countries except members of the Custom Union, Kazakhstan and Belarus.

Russia intends to keep a larger share of production for domestic needs, while the country is facing a drought, which reduced the harvest. Because of this weak outlook, some analysts were expecting Russia to suspend grain exports, as it was the case during the drought of summer 2010.

Export duties on sunflower seed and rapeseed remain at the current levels, and total 20% but not less than 39 EUR/t, and 15% but not less than 30 EUR/t, respectively.

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Pascal Blanc

Pascal has implemented numerous software solutions in the areas of procurement, sourcing, spend management, supplier evaluation and performance. His clients include Fortune 500 companies in Europe, Asia and North America. He is a co-founder of Source & Procure.

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