Fertilizers 

• On 18 March, India extended permission to import urea for an additional year, until 31 March 2025, through Notification No. 79/2023. Urea imports for agricultural purposes under government account can be conducted either by designated state trading enterprises or by authorised bodies known as fertilizer marketing entities.

Vegetable oils 

• On 15 March, the Central Board of Indirect Taxes and Customs in India notified the revision of tariffs on edible oils and other related commodities. The new rates have been set as follows: crude palm oil (USD 902 per tonne); refined bleached deodorised (RBD) palm oil (USD 912 per tonne); others - palm oil (USD 907 per tonne); crude palmolein (USD 917 per tonne); RBD Palmolein (USD 920 per tonne); others - palmolein (USD 919 per tonne); crude soybean oil (USD 933 per tonne).

Across the board 

• On 5 March, China announced it would increase its budget allocation for stockpiling grains and edible oils to CNY 140.63 billion (USD 19.53 billion) in 2024, while also expanding support for agricultural production. The new budget for stockpiling grains and edible oils represents an 8.1 percent increase compared to last year. China has also earmarked CNY 54.5 billion (USD 7.6 billion) to subsidies for agricultural insurance premiums, an 18.7 percent increase from 2023. The government plans to further strengthen support for agricultural producers by raising the minimum purchase price of wheat, and expanding insurance coverage for rice, wheat, and maize nationwide.
• On 19 March, the Ministry of Agriculture and Rural Affairs in China preliminarily approved 27 genetically modified (GM) maize seed varieties and 3 GM soybean varieties, expanding the list of already approved high-yield crops. The public can provide feedback on the newly approved varieties until 17 April.
• On 19 March, Egypt announced the allocation of more than EGP 125 billion (USD 2.9 billion) for bread subsidies in its 2024/2025 state budget, media reports said. A total of EGP 596 billion (USD 13.3 billion) was designated for social welfare initiatives, with EGP 134 billion (USD 3 billion) earmarked specifically for food subsidies. Through its subsidy scheme, Egypt offers essential items such as bread, rice, and sugar at discounted rates to an estimated 60 million out of a population of about 105 million.
• On 20 March, the European Parliamen and European Council reached a provisional agreement to extend the temporary suspension of import duties and quotas on Ukrainian agricultural exports to the EU until June 2025, while also allowing for the reimposition of wheat tariffs if import volumes exceed their average levels from 2022 and 2023. EU Member States in the European Council subsequently proposed extending this reference period to include part of 2021, media reports said, with the new arrangement now due to be put forward again to the European Parliament. The current measures, which were initially introduced for one year in June 2022 and subsequently extended for another year, were set to expire this coming June.
• On 22 March, the European Commission proposed an increase in tariffs on the EU's imports of cereals, oilseeds, and grain products (including wheat, maize, and sunflower meal) from the Russian Federation and Belarus. The Commission said that both the Russian Federation and Belarus would lose access to any of the EU's WTO quotas on grain, which currently afford preferential tariff treatment for certain products.
• On 21 March, India decided to include wheat and rice in its Price Stabilization Fund (PSF). Through this program, wheat and rice deliveries from the Food Corporation of India (FCI) to the National Agricultural Cooperative Marketing Federation (NAFED) and the National Consumer Cooperative Federation (NCCF) are eligible for a subsidy of INR 435 (USD 5.2) per quintal and INR 200 (USD 2.4) per quintal respectively. These cereals will be marketed under the Bharat brand.
• On 19 March, Indonesia announced it would provide free high-quality rice and maize seeds for a total of four million hectares, as part of a series of measures aimed at supporting farmers. An additional budget of IDR 5.8 trillion (USD 369 million) will be allocated to support irrigation in rainfed regions.
• On 15 March, the Russian Federation allocated RUB 7 billion (USD 76 million) from its reserve fund to bolster grain reserves, through Order No. 613-r. The funds will augment the country's grain reserves by 2 million tonnes, with a view to stabilising domestic prices and supporting agricultural producers.