Brazil lifts import duties on corn and soybeans again

This measure, which takes effect seven days after the publication of this regulation and is valid until December 31, 2021, applies to soybeans (both crushed and uncrushed), unrefined (raw) soybean oil, soy flour and pellets (granules), and also for corn grain. There are no quotas for the import of these crops. The Russian Trade Mission in Brazil recalls that the decision to zero import duties on soybeans and corn, adopted back in October 2020, expired on January 15, 2021 and March 31, 2021, respectively. Then the Brazilian government took this step because of the record high prices for these crops in the domestic market. The Brazilian authorities expected stabilization of world grain prices and hoped for a sufficient volume of their production domestically in 2021. However, even despite the record harvests of corn (109 million tons) and soybeans (135.5 million tons), domestic prices continued to rise due to increased external demand and the devaluation of the Brazilian real ...