IGC estimates the 2016-17 global maize production at a record-high 1.072 billion tonnes.
Published on Aug. 8, in the Official Journal, the decision is based on Regulation (E.U.) No 642/2010 regarding cereal sector import duties, which provides that the import duty on maize, sorghum and rye should be calculated according to the difference between a reference E.U. price and the U.S. maize price.
It comes in response to the situation on the maize world market where a record global maize harvest is expected in 2016-17, resulting in ample supply and low prices.
The latest forecast from the International Grains Council (IGC) estimates the 2016-17 global maize production at a record-high 1.072 billion tonnes, and carryover of world maize stocks at the end of the 2016-17 marketing year at 232 million tonnes also a record. Cumulative carry overs in the four major exporters (Argentina, Brazil, Ukraine and the U.S.) are forecast at a record 78 million tonnes.
The Commission said import duties should be fixed for the period from Aug. 8 and should apply until new import duties are fixed and enter into force. The individual tariff quotas are not affected by the Aug. 8 measure to set that the import duty on maize, sorghum and rye, it said.