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European Union purchases of U.S. soybeans way up
The European Commission says U.S. soybeans now account for 37% of their soybean imports, up from just 9% a year ago. The Commission’s August 1st report shows at 283% increase in U.S. soybean imports.
Soybean meal sales to the EU are also on the rise with 185-thousand tons purchased in July. The report says U.S. prices for both soybeans and soy meal are currently the most competitive on the market and a very attractive feed option for European importers and users.
President Trump and European Commission President Jean-Claude Juncker agreed to more EU soybean purchases in July, and Juncker has implemented a bi-monthly reporting system to more closely follow soybean trading.
Analysts including Rabobank say sales to the EU might have increased anyway because of increasing prices in Brazil, and the expectation Brazil will sell much of their crop to China as the U.S. and China trade dispute continues.
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