The Russian government has reduced the export duty on soybeans to 20%

The Russian government approved a decree, which reduced the export duty on soybeans from July 1. The new duty will be 20% (but not less than $ 100 per ton), the decision will be valid until August 31, 2022 inclusive.

“A 10% decrease, on the one hand, will allow agricultural producers to send part of their products for export, on the other hand, it will keep obstacles to the growth of prices for this product,” the government’s website says. The government believes that the decision to reduce the duty will “maintain the balance in the domestic market for oilseeds and their derivatives.”

The export duty on soybeans was introduced from February 1 to June 30, 2021. Now it is 30%, but not less than € 165 per ton.

Read about the request of producers to set a duty on soybeans in the material of “Kommersant” “Soybeans are closing the border.”