Speaking after the Management Committee vote, Dacian Ciolos, Commissioner for Agriculture and Rural Development, stated: "I hope this proposal will reduce tensions on the European cereals market. While prices remain high on world and EU markets we have an obligation to do what we can to help ease the situation until the end of the marketing year."
The outlook for the world cereals markets in 2010/2011 suggests that prices will remain high, given that world cereals ending stocks will be 62 million tonnes lower than at the end of the last marketing year.
The formal regulation will be published in the Official Journal next week. In order to avoid penalising traders who have cereals en route to the Union, transport time will be taken into account. As long as transport to the Union is underway by 30 June 2011, at the latest, traders will be allowed to release the cereals for free circulation under the proposed customs duty suspension regime.