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Brazil Suspends Soy, Corn Import Duties

Measure is likely to benefit U.S. grains producers

Port shipping cargo container VIA PIXABAY Mar 2021

Brazil has suspended import duties on soy, corn, soybean meal and soybean oil until the end of the year, the Agriculture Ministry said on Monday, as the country seeks to slow inflation fanned by rising global commodities prices.

Reuters reports the Chamber of Foreign Commerce (Camex) had already authorized the suspension of the import tax on corn until March 31 of this year and soybean until January 15.

The latest measure is likely to benefit U.S. grains producers, experts say, as Brazilian buyers had earlier focused on Mercosur producers who are already exempt from tariffs.

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