Europe lifts import duties on feed grains in bid to reduce price pressure

reuters / The European Union’s cereals management committee has extended the suspension of import duties for quotas of feed wheat and barley until June.

This summer, high grain prices prompted the EU to temporarily lift import duties of 12 euros per tonne for low- and medium-quality wheat and 16 euros a tonne for feed barley.

China pays more for local corn and soy

beijing / reuters / China says it will stockpile corn and soybeans grown domestically at higher prices than last year to help farmers’ incomes.

The government will pay 4,600 yuan ($740) per tonne of soy and about 2,100 yuan per tonne of corn to farmers in northeastern provinces, the country’s major corn area.

Those prices are around 15 per cent higher than offered last year.

The stockpiling program will end on April 30 next year, but state warehouses will accept as much as farmers can sell.

Request rejected

Indonesia has rejected a request for an increase in beef import quotas even though prices in many parts of the country nearly doubled last week.

Indonesia slashed 2012 cattle and beef import quotas by as much as 62 per cent to stimulate domestic beef production and help reach an ambitious 2014 self-sufficiency target.

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