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RE:Russia plans to raise export tariffs on soyabeans to ease domestic grain prices
"xiaozhou published on 2020-12-22 09:35:51
Russia plans to raise export tariffs on soybeans and other grains, Russian media reported. Earlier, Russian President Vladimir Putin called for domestic food prices to be curbed.The Russian government is struggling to cope with rising food prices, Bloomberg News reported Tuesday. Mr. Putin was quoted earlier this month as saying he was surprised by the sharp rise in prices of bread and sunflower oil.A committee of Russia's customs agency has agreed to impose a 30 percent tariff on soybean exports, Interfax news agency reported Thursday. The new tax rate is set to take effect February 1 and last until June 30, the report said, citing sources familiar with the matter. The committee also approved a 5 percent tariff on scrap steel exports.In addition to measures to limit exports of soybeans and scrap steel, the Russian government announced last week that it would impose export duties of 25 euros per ton on wheat from mid-February to the end of June, while enforcing previously announced quotas on grain exports. The new tax will reduce Russia's wheat exports by 2m to 3m tonnes between 2020 and 2021, to 37.8m to 38.8m tonnes, Reuters reported, citing data from SovEcon, an agricultural consultancy.[Overall supply decreases]Soyabeans rose to their highest level in 6 years on the Chicago Board of Trade Tuesday. Corn and wheat futures also rose.Despite Russia's policies, Reuters reported that recent weather in South America has been bad for crops."The supply landscape has changed," said a grain trader based in Melbourne, Australia, who asked not to be named. The problems in South America have put the market on the ropes."Argentina's Buenos Aires grain futures Exchange said last week that dry weather was affecting soybean cultivation in The country. Meanwhile, soymeal production and agricultural exports were halted last week by a continuing strike by Oilseed workers and grain inspectors in Argentina. There is no indication that the two sides will agree on wages any time soon."