Persistently low world maize prices and an abundant supply have led the European Commission to update import duties, according to a regulation published on Tuesday 5 May in the Official Journal of the EU.
The automatic mechanism calculating import duties was triggered on 27 April, setting the import duty on maize, sorghum and rye at €5.27 per tonne (see EUROPE 12475/20). The new calculation has led to a revised duty of €10.40 per tonne.
The revised tariff is calculated according to EU Regulation 642/2010. The import duty for the three cereals is based on the difference between a European reference price and the world benchmark for maize - the US price, calculated as the cif maize (i.e. cost, insurance and freight included) at the port of Rotterdam.
The collapse of oil prices has led to a drop in bioethanol fuel demand in the US as well as lower freight costs. In addition, a record maize crop is expected for 2020/2021 worldwide. The combination of these factors has resulted in a US cif market prices for maize at the port of Rotterdam at €146.63 per tonne. (Original version in French by Lionel Changeur)