Lentils Values Surge
PANAMA - Jul 31/21 - SNS -- Lentil markets surged during the past week on the combination of deepening doubts about North American yields and India's decision to lower import duties.
The basic import duty for all countries except the United States was set at zero, while the import duty on U.S. origin product is 10%. Importers will still need pay 10% on imports along with a 10% surcharge on levies paid. This makes the effective import cost for U.S. origin lentils 22% and for other origins 11%.
There is considerable optimism this will spark significant buying once lentils brought into the country in anticipation of the duty reductions have been liquidated, with Australian exporters confident they will be able to increase market share because of problems with the Canadian red lentil crop.
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