EU Imports of U.S. Soybeans Double
EU buyers have doubled their usual imports of U.S. soybeans this season, and are signaling that purchases will continue to increase. In a global market where China has usually accounted for the bulk of U.S. soybean shipments, the EU has quickly become a new key destination.
This season the EU has imported 5.2 million tons of U.S. soybeans, up from 2.4 million tons the year before, helping to offset a poor EU rapeseed harvest due to drought.
Indications are that imports of U.S. soy will continue to climb ast the EU process to authorize U.S. soybeans as a biofuel feedstock is underway, and China’s refusal of U.S. soybeans has driven prices to lows not seen for nearly a decade, further increasing their appeal. In addition to these considerations, last year the EU pledged to import greater volumes of U.S. soybeans and liquified natural gas to ease trade tensions between itself and the U.S.