November 2000 Edition
Uncertainty in Feed Demand Keeps EU 2000/01 Soybean Imports Unchanged
The outlook for 2000/01 shows little change from the current year where EU soybean imports declined 7 percent. This is in response to reduced demand for soybean meal and oil in the EU. The decline in demand is primarily due to the large rapeseed crops harvested in the EU in both 1998 and 1999. However, a decline in the euro and increased competition from feed grains, particularly in 2000, have also played a role. With the larger rapeseed crops, domestic rapeseed oil production increased over 500,000 tons in the past 2 years. This reduced the demand for soybean oil which helped push soybean imports and crush lower. Soybean meal consumption was also reduced in 1999/00 but not enough to seriously impact soybean meal imports. However, continued softening in EU soybean meal demand is expected to result in a small reduction in soybean meal imports for 2000/01.
Approved by the World Agricultural Outlook Board/USDA