EU Weekly High Soybean Imports

According to the EU Commission, last week (May 15-21) the EU countries continued to actively import soybeans, although rapeseed shipments declined.

Particularly, in the reporting period 346.4 thsd tonnes of soybeans were imported compared to 342.6 thsd tonnes in the previous week, and rapeseed import amounted to 12.6 (129.9) thsd tonnes, taking into account the updated EU Commission data.

In the current season (July 1 – May 21), the total import of soybeans by the EU totaled 11.36 mln tonnes, which is 12% lower y-o-y (12.9 mln tonnes in 2021/22 MY). At the same time, rapeseed import was boosted to 6.9 mln tonnes in 2022/23 MY, which is 40% higher y-o-y (4.9 mln tonnes).

It should be noted that the USA remains the key supplier of soybeans to the EU and shipped 4.8 mln tonnes of the oilseed, however, the delivery pace declined. Herewith, Brazil has increased the delivery of soybeans to the EU and has supplied 4.1 mln tonnes (+271 thsd tonnes in a week, taking into account the updated data).

Also, the EU Commission experts noted the growth of rapeseed shipments from Australia – to 3.26 mln tonnes, and its share increased to 47.1%. Ukraine is the second-largest supplier, with a volume of 2.9 mln tonnes (42.6%).

Source: Apkinform

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