In the European Union decided to reduce customs import duty rates on corn and sorghum from €5,61/ ton up to €0,56/ ton.
It is noted that it was caused by continuing increase in prices for American corn.
As it is specified, the duty rate on corn in the EU is based on pricing on physical maize market in the USA, freight cost in Rotterdam and also euro exchange rate to US dollar.
Earlier it was reported that the EU since August 8, 2017 introduced import duties on corn, rye and sorghum in the amount of €5,16/ton.
In September, 2017 duties increased twice from €5,16/ton up to €10,95/ton, and in October, 2017 twice reduced to €5,61/ton.
