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AMIS Market Monitor

last release: July 2017

Policy Developments

BIOFUELS

  • On 6 June, Argentina's Energy Ministry increased the price of maize-based ethanol for oil refiners to blend into gasoline by 0.7 percent from ARS 12.848 per litre (USD 0.80) to ARS 12.942 (USD 0.81) per litre.
  • As part of on-going energy reforms, on 25 June, the Mexican Energy Regulatory Commission modified the Official Standard NOM 016-CRE-2016 which sets out the quality specifications for fuels. The maximum volume content of anhydrous ethanol that can be blended in gas supplies was increased from 5.8 to 10 percent, except in the 3 main cities of Monterrey, Guadalajara and Mexico City. The revised blend level will be consistent with that adopted by Mexico's NAFTA partners.
  • On 21 June, Thailand ordered a 40 percent increase in biodiesel stocks held by oil companies to 90 million litres to help absorb excess palm oil supplies and support prices.

ACROSS THE BOARD

  • On 7 June, Brazil announced that BRL 190.25 billion (USD 58 billion) would be made available in the 2017/18 agricultural year in order to ensure the stability of its rural assistance programme. 
  • On 12 June, China's Agriculture Ministry approved 16 genetically-modified crop varieties for importation, including five soybean and four maize varieties to be used for animal feeding. The approvals are valid for three years.
  • On 20 June, China announced that it will spend CNY 2.56 billion (USD 374.95 million) to subsidize farmers to rotate their maize plantings with other crops every other year as well as to leave some land fallow.
  • On 5 June, Egypt allocated EGP 145 billion (USD 8 billion) for fuel subsidies and EGP 80 billion (USD 4.4 billion) for electricity subsidies in its budget for the 2017-18 fiscal year beginning in July.
  • On 20 June, the State of Punjab in India waived over USD 1.5 billion in loans to farmers with holdings up to 2 hectares and debts up to INR 200 000 per farmer (USD 3 100). In a similar move, on 24 June, the State of Maharashtra waived USD 5.27 billion to farmers with up to INR 150 000 (USD 2 326) debt.
  • To contain food price inflation, on 27 June, Turkey has cut customs duties for a number of livestock and grains, including wheat, maize and barley. Wheat and barley imports from various suppliers, including the EU-EFTA countries and Republic of Korea were slashed to 40-45 percent. Customs duties for maize imports were also reduced from 130 percent to 25 percent ad valorem. According to the Economy Ministry, additional cuts may be considered in future.