Lentils Close on Strong Note
PANAMA - Jun 6/20 - SNS -- Lentil markets finished the week on a generally stronger note against news India dropped its import duty from 30% to 10% until August 31 for product from all origins except the United States. Duties on U.S. lentils dropped from 50% to 30%.
Old crop inventories are tight in most countries, but the change in import duties could reduce available ending stocks in most countries. More importantly, it appears to validate the belief of some traders that India's official lentil production estimate was grossly inflated.
Questions are emerging about available supplies of lentils in the world, following the release of Australia's export data for April.
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