November 10, 2010

EU raises 2011 soy imports to replace rapeseed

EU soy imports for 2010-11 (Sep/Aug) are likely to rise by one million tonnes on-year to 14.3 million tonnes as the bloc needs to compensate for its poor rapeseed harvest, oilseeds analysts Oil World forecast on Tuesday (Nov 9).

This would also mean EU soy crushing would rise by one million tonnes in the same period to 13.45 million tonnes, the Hamburg-based Oil World said.

EU rapeseed crushing is likely to decline by around one million tonnes or 4% in 2010-11 (July/June), it said.

"A sharp decline in this year's domestic production and insufficient export supplies on the world market will curb rapeseed processing in the EU this season," it said.

The EU's rapeseed harvest in summer 2010 fell to 20.34 million tonnes against 21.79 million tonnes in summer 2009, Oil World estimates.

Low crops in other rapeseed producing countries including Ukraine means EU oilseed crushers will turn to soy, it added.