The Executive Management Committee (Gecex) of the Chamber of Foreign Trade (Camex) again suspended the import tax rate applied to imports of corn, soybeans, soybean oil and soybean meal. The measure goes into effect seven days after the publication of the Gecex resolution and ends on December 31, 2021. In October last year, Camex had already authorized the suspension of the import tax for corn until March 31, 2021 and for soybeans, crude oil and flour and pellets until January 15, 2021. The expectation at that time was that there would be stabilization in external prices and the grain harvest, in 2021, would have sufficient production, in order to rebalance the price ratio with animal proteins, reducing the cost pressure for the integrating industries. However, international prices showed an upward trend, putting further pressure on domestic prices. In addition to the price scenario not being confirmed, despite the record harvest of 109 million tons of corn and 135.5 million tons of soybeans, domestic prices continued to rise due to the strong external demand and the maintenance of the devaluation of the real against the dollar.
Source: DATAGRO