Russia will adjust its soybean export

From July 1 this year, Russia imposes a new rate of export duties on soybeans. The current rate is 30% of its customs value but from July it will be 20%, however, not less than $100 per ton.

The government has earlier approved the introduction of new duty rates. It will be valid until August 31, 2022, inclusive, and will help to maintain the balance of supply and demand in the Russian market.

In 2019, the consumption of soybeans in Russia amounted to 5.5 million tons, while decreased in 2020 to 5 million tons. At the same time, the largest center of soybeans cultivation — the Far East — harvested 1.35 and 1.45 million tons of soybeans, respectively.

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