The Russian Federation is introducing a new export due for soybeans w.e.f. July 1, 2021 in accordance to governmental decree No. 803 of May 27, 2021.
The due will be calculated as 20% of the customs value of the product, but no less than $100 per ton. At present, the export due for soybeans makes 30%.
The Government expects the lower due will stimulate soybeans export while preventing the price on the product from growing.
The new due will be in force till August 31, 2022.
China is the major buyer of Russian-produced soybeans. In grain market experts’ opinion, Russian producer grow too little soy. The producers’ argument is complicated logistics to deliver beans from the field in the South to the eastern borders of Russia and the export duty that reduces their income thus demotivating them.