U.S. soybean and soybean meal exports to Europe and the Middle East/North Africa during the market year that began Sept. 1 are up 243% and 105%, respectively, according to the U.S. Soybean Export Council (USSEC).
Soybean sales for the 2018-19 marketing year to all three regions, led by Europe, are pegged at 3.67 million tonnes as of Nov. 8, according to U.S. Department of Agriculture data. U.S. soybean meal exports were at 650,000 tonnes for the same period, more than double last year’s pace.
The growth of sales to those regions has been caused in part by the U.S.-China trade war, which began last July. As part of the trade dispute between the two countries, China, traditionally the largest buyer of U.S. soybeans, slapped a 25% tariff on all soybeans being shipped from the United States, thus drastically reducing the amount of U.S. soybean purchases in China.
The USSEC said the United States has overtaken Brazil as the top soybean supplier to Europe and the Middle East/North Africa. Most of Brazil’s soybean exports are now going to China.
USSEC forecasts that the European Union will buy more than 10 million tonnes of U.S. soy in this marketing year, up from 7 million in 2017-18.
