Trade conflict: Import of soybeans from the USA has quadrupled

European importers are currently buying a multiple of soya beans from the United States. Donald Trump is therefore to have settled the trade dispute with the EU.

Trade conflict: Import of soybeans from the USA has quadrupled

Companies from European Union import a multiple of soybeans and soy flour from USA compared to previous year. As EU Commission has said, import of soybeans has quadrupled over past five weeks: from 93,850 to 359,305 tonnes. The amount of Sojamehls imported from USA even increased by approximately 33 times from 5,373 to 184,663 tonnes. In July, 37 percent of soybean imports and 13 percent of soya flour imports originated in United States. A year ago, it was only nine or 0.3 percent.

The EU Commission justifies increased import of soya, above all with development of prices. The average price for a ton of soybeans from USA lasted at 332 euros – and thus below price of soy beans from Brazil, most important soy supplier for EU. It cost ton 358 euros. There was a similar development at soy flour.

Political observers see increased purchase of us soya as a factor in easing trade dispute with US. In a meeting with EU Commission President Jean-Claude Juncker, US president Donald Trump agreed to try to resolve trade dispute with EU. American farmers feared strong sales losses due to additional tariffs imposed by China. The EU also made it clear that it would impose additional tariffs on US soya if Trump were to levy special duties on European car imports.

Soya is needed in EU mainly as feed in agriculture, for example for dairy cows, pigs, poultry, but also for Norwegian salmon. European farmers produce relatively small amounts of soy because of relatively cool wear, while remaining requirements of approximately 30 million tonnes are imported annually. This year, volume of imports is expected to rise even furr: due to ongoing drought in Germany and resulting crop failures, federal minister of Agriculture Julia Klöckner (CDU) is putting on imported soya. The farmer's Association had recently adjusted harvest expectation significantly downwards. Instead of last estimated 41 million tonnes of cereals, only a harvest of around 36 million tonnes was expected, Farmer association shared on Wednesday.

Updated Date: 02 August 2018, 12:00

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