EU cut corn and sorghum import duties 10 times

The European Union (EU) made a decision of slashing its tariff to EUR 0.56/mt from EUR 5.61/mt for corn and sorghum, AgriCensus reports.

It is noted that the reason for that was the recent rally in US corn prices. The EU sets its corn tariff based on prices it observes in the US physical market, with freight to Rotterdam and the euro/dollar exchange rate deducted from a minimum intervention price.

Previously it was reported that on 8 August 2017, the European Commission increased duties on imports of maize, sorghum and rye by 2.12 times. The import duty on corn, rye and sorghum was increased from EUR 5.16 per ton to EUR 10.95 per ton.