Ukrainian legislators vote to remove export duties from corn, wheat, but decide to keep 14% levy on barley; bill now on president's desk

LOS ANGELES , October 7, 2011 () – Legislators in Ukraine voted to remove export duties from corn and wheat, but are keeping a 14% levy on barley exports, Bloomberg reported Oct. 7.

The country’s grain exports may reach 23.4 million tonnes in the marketing year that began July 1, including 11.1 million tonnes of wheat and 9.1 million tonnes of corn, according to a bill published on the parliamentary website. The removal of duties shrinks the risk of losing export markets for Ukraine’s government.

Total grain production could match the record of 53 million tonnes set in 2008, as favorable weather helps bolster yields, the Agriculture Ministry said. Wheat stockpiles may jump 31% to 4.4 million tonnes and corn stocks could surge 61% to 1.61 million tonnes, according to USDA data.

The new bill must be approved by President Viktor Yanukovych before going into effect. Ukrainian lawmakers also voted to place a 3% tax on shipments of soybeans, rapeseed and sunflower oil, according the website.

The primary source of this article is Bloomberg, New York, New York, on Oct. 7, 2011.

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