01.
08.18
14:30

EU has imported 4 times more US beans

Imports of soybeans from the US into the European Union have quadrupled at the beginning of the new marketing period. Buyers responded to the sharp drop in prices after China raised import tariffs on US beans by 25% in early July.
The EU Commission said that the high import volumes are the first concrete consequence after the joint statement by Juncker and Trump last week.
However, a commission spokesman also said that the purchases are based only on the fact that the US beans are so cheap. Trump had said that the EU will "buy lots of soybeans from the US" from now on.
Market analysts are against the fact that the purchases were made only because of the drastic price decline in July. EU soya imports from Brazil and Paraguay plunged dramatically, while those from the US rose 283% in the first five weeks of the new 2018/19 marketing period over the same period last year.
Slightly more than a third of EU soybean and soya meal imports, which are mainly processed into animal feed, came from the USA. The largest amount for the EU comes from Brazil.

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