Europe Exponentially Increases U.S. Soybean Imports
The European Commission says U.S. soybeans now account for 37 percent of the EU’s soybean imports, up from just 9 percent a year ago. The Commission’s August 1 report shows a 283 percent increase in U.S. soybean imports.
Soybean meal sales to the EU are also on the rise with 185,000 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.
Analysts including Rabobank say sales to the EU might have increased anyway because of increasing prices in Brazil and the expectation that Brazil will sell much of its crop to China as the U.S.-China trade dispute continues. Source: Brownfield Ag News