There will be no overstocking on the Russian market due to EU grain duties

Published 2024년 7월 1일

Tridge summary

The European Union (EU) has introduced protective duties on grain imports from Russia and Belarus, effective from July 1. The duties cover wheat, corn, sunflower seeds, derivative products, and feed products. Despite the EU's low share (1.9%) in the total volume of Russian grain exports, the move is unlikely to cause overstocking for Russian exporters and farmers. The Rusagrotrans analytical center has identified other markets for crops supplied to the EU. The main exports of Russian grain, including soft and durum wheat, rye, corn, and barley, are concentrated in Southern European countries and the Netherlands. Additionally, oilseeds, their processed products, and other cargo make up a significant portion of exports to the EU.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The share of the European Union in the total volume of Russian grain exports is insignificant; Russian exporters and farmers will not face an overstocking of the market due to the introduction of protective duties by the EU. The Rusagrotrans analytical center told TASS about this. On May 30, the EU Council approved the introduction of prohibitive tariffs on grain imports from Russia and Belarus from July 1. According to a distributed document from the European Commission, duties include wheat, corn, sunflower seeds and derivative products, as well as feed products. “The EU’s share in the total volume of Russian grain exports is insignificant, so exporters and farmers will not experience overstocking due to protective duties. There are other open markets for crops supplied to the EU,” the Rusagrotrans analytical center said in a statement. It is noted that a short supply of all items to European countries will lead to the fact that they will be forced to purchase volumes in ...

Source: Milknews