The European Commission has announced that the import duty on maize, sorghum and rye is to be set at 5.32 EUR/tonne. The decision is based on the basic Regulation and comes in response to the situation on the world markets for maize and the resulting low prices. Moreover, maize, sorghum and rye are not subject to export refunds.
Following a forecast of world maize production in 2014 estimated by the International Grains Council at as much as 963 million tonnes, i.e. the second highest after last year's record level, the carry-over of world stocks of maize at the end of the 2014/2015 marketing year should increase from 13 million tonnes to 180 million tonnes, the highest level in 5 years, including in the main exporting countries and in particular in the United States.
As a result of this forecast of a bumper harvest of maize in 2014 worldwide, but particularly in the United States, world market prices for maize fell sharply and as at 1 July 2014 stood at 203 $/tonne FOB (free on board) U.S. Gulf, a price not seen since August 2010. As at 1 July 2013, the quotation was 304 $/tonne.
Wednesday july 16, 2014/ EC/ European Union.