Russia to reduce soybean export duty to 20% since July 1




The Ministry of Economic Development of the Russian Federation has issued for the public debate a governmental draft decree on imposing of the export duty on soybean at 20% but not less than 100 USD/t since July 1, 2021.

The preposition came from the Ministry of Agriculture of the Russian Federation.

“We take into account concerns expressed by soybean producers of Russia's Far East. Our calculations say it will allow producers from the Far East to export soybean as least at the volume that do not find the demand on the domestic market”, - Deputy Minister of Economic Development, Vladimir Ilyichev said.

Moreover, it will be more profitable to sale soybean produced in central regions on the domestic market.

The Ministry says the measure “will let to have stable price situation on the market of soybean oil and meal as well as to cut the expenses of livestock producers and the prices of final food products”.

Currently, the export duty on soybean is 30% but not less than 165 EUR/t in Russia.