EU Notes US Now Top Supplier of Soybeans

The European Union, emphasizing follow-through from the joint statement in July (see 1807250031) that the EU and U.S. would be working together on trade, announced that imports of U.S. soybeans from July through mid-September more than doubled compared with the same period a year ago. EU Commissioner for Agriculture Phil Hogan said: "I welcome the latest trade figures which show that we are delivering on the commitment made by Presidents [Jean-Claude] Juncker and [Donald] Trump to increase trade, particularly in relation to soya beans. This reflects both our longstanding trade relationship and the potential to achieve so much more by working together to build on that relationship."

The Sept. 20 announcement also noted that U.S. soybeans make up now more than half the region's total soybean purchases; last year, U.S. beans were 25 percent of the purchases. Soybeans are "a very attractive feed option" for chicken, cattle and hog farmers in the EU "thanks to their competitive prices," the release said. The price of U.S. soybeans has dropped due to Chinese tariffs, which were added in retaliation for U.S. steel and aluminum tariffs.