SA’s wheat import tariff has declined a hefty 45% to R394.85 per tonne, the Agricultural Business Chamber (Agbiz) said on Monday. This new duty was calculated in mid-February, following a surge in international wheat prices, but was only published in the government gazette to make it official on Friday evening, the chamber said in a statement. The drop in wheat tariffs helps relieve cost pressures for millers such as Pioneer Foods, which counts Sasko among its suite of brands. SA is projected to import about 1.93-million tonnes of wheat in the 2017-18 season, which is more than double the 934,765 tonnes imported in 2016-17 season. The adjustments in the wheat import tariff are satisfied when the international wheat price deviates from the base price by more than $10 per tonne for three consecutive weeks. The international wheat prices consistently traded above $235 per tonne in three weeks February 13, making a deviation of $10 per tonne above the base price of then $218 per tonne. ...
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