EU-28 oilseed imports fall short of estimates: report

In Germany, UFOP reports that “the latest import figures for oilseeds and byproducts do not confirm the estimates for the running marketing year.”

Although the EU-28 2016 oilseed harvest and, consequently, supplies were down approximately 1 million tonnes, imports are developing contrary to what market experts predicted, according to the German trade group.

Forecasts were for declining demand and, at the same time, climbing imports. However, this is not what we have seen happening in the market over the first seven months of 2016/17. In other words, at 9.1 million tonnes, imports of rapeseed and soybeans decreased by around 7.5 per cent year-on-year.

With EU rapeseed and soybean processing curbed to just under an estimated 38 million tonnes in 2016/17 and the associated smaller supply of oils and meals, there are no signs of an increase in byproduct imports either. The 2016/17 forecast pegged soybean meal at 6 per cent and palm oil at just under 1 per cent above the previous year’s figure. However, the current figures are 15 per cent and 18 per cent respectively below the year-ago level.

More on the story.