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 approved the imposition of protective duties on grain imports from Russia and Belarus, effective July 1. The duties will cover wheat, corn, sunflower seeds, derivative products, and feed products. However, the EU's share in the total volume of Russian grain exports is negligible, and Russian exporters and farmers are unlikely to face overstocking due to these duties. The Rusagrotrans analytical center has identified other markets for these crops, including Southern European countries, the Netherlands, and Cyprus. The main exports to the EU will be soft and durum wheat, rye, corn, and barley. Once the EU runs out of supply, it will likely purchase from other countries, potentially allowing Russia to enter these markets. Additionally, flax exports from Russia to Belgium and Poland may increase due to a gradual rise in duties on flax from 10% in 2024 to 50% in 2026.

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 other ...

Source: Kvedomosti