EU grows U.S. soybean imports

“U.S. prices for both soybeans and soymeal are currently the most competitive on the market.”    The European Commission on Wednesday reported that European Union imports of U.S. soybeans in July showed an increase of 283 percent at 360,000 tons compared to the same period last year.
   In terms of the total imports of soybeans, the U.S. share of the EU market for the year so far is 37 percent, compared to 9 percent in July 2017.
   EU imports of U.S. soymeal reached 185,000 tons in July. As of July, the United States supplies 13 percent of EU soymeal imports compared to 0.3 percent in July 2017, the European Commission said.
   The EU currently imports about 30 million tons of soya per year as a livestock feed ingredient 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,” the European Commission said.
   European Commission President Jean-Claude Juncker met with President Donald Trump in Washington on July 25 in effort to diffuse trade tensions between the two large trading partners over U.S. steel and aluminum tariffs that have impacted European producers and to hold off imposing other tariffs. Meetings are continuing between the EU and United States to implement the resulting joint statement reached between Juncker and Trump.
   “The European Union and the United States have been longstanding partners and there is room to further strengthen our trade relationship,” said Commissioner for Agriculture Phil Hogan in a statement. “We expressed our willingness to import more soybeans from the United States and this is already happening.”