EU imports of U.S. soybeans increased over 280%
The current figures show that imports of U.S. soybeans to the EU have been increasing:
- Compared to July 2017, EU imports of soybeans from the United States are currently up by 283% at 360,000 tonnes;
- In terms of the EU's total imports of soybeans the U.S. share is now at 37%, compared to 9% in July 2017;
- Imports of soymeal, which are traditionally lower with regards to the U.S., are also on the rise - 185,000 tonnes were imported in July 2018, an increase of 3,337% compared with July 2017;
- The U.S. is now supplying 13% of EU soymeal imports compared to 0.3% in July 2017.
The EU needs soya in Europe as a source of protein to feed our animals, including chicken, pigs and cattle, as well as for milk production.
The EU currently imports about 30 million tonnes per year because it cannot produce sufficient quantities.
U.S. prices for both soybeans and soymeal are currently the most competitive on the market and therefore a very attractive feed option for European importers and users. ■