EU Nov. soy imports hit 13-month low, as domestic output rises

Imports of soybeans into the EU during November fell to 723,000 mt, equivalent to 12 panamax-sized vessels, according to Eurostat data released this week.

The figures are down 32% on the previous month, 40% on November 2016 and 50% down on the five-year average, as EU production of beans rose.

The figures, released Monday, show November was the second-lowest monthly import figure in more than three years.

The data release comes against a backdrop of soaring production in the region, which is expected to rise 10.1% to 35 million mt in 2017.

Broken down, by origin the US took a 34% market share, down from a 66% market share in November the previous year, while Brazil’s market share in November rose from 3% to 17% over the same period.

Of other exporters, Canada took a 24% market share in November, up from 14% the year before, while Ukraine took a 10% market share, up from 6%.

European year-to-date imports totalled 4.8 million mt, down 12% on the year.

The US took a 36% market share, down 7 percentage points on the previous corresponding period, with Brazil 33%, the same as the year before.

Argentina took a 17% market share and Canada took a 7% market share, up 9 percentage points and 1 percentage point, respectively.