On 1 February, Russia imposed a duty on soybean exports outside the Eurasian Economic Union (EEU) for a period until 30 June. The duty will amount to 30% of the customs price of products, but a minimum of 165 euros per tonne.

The oil and fats union of the country expects that such measure will have a positive impact on the cost of soybeans and soybean meal for livestock. In addition, enterprises will have an opportunity to increase the volume of purchases, for example, at the expense of Far East soybeans.

Also, the introduction of the levy will have a positive impact on companies' soybean processing projects.

The decision on duty was made in December due to increase of world prices on soybean. It was done in order to provide raw materials to Russian processing plants.

The Union forecasts that this season the export of soybean oil will amount to more than 660 thousand tons, and soybean meal - almost 590 thousand tons.

Earlier, the Union of Exporters commented on growth of duties on grain

Made in Russia // Made in Russia

Author: Ksenia Gustova