EU soybean crushings in coming months at record high

The European Union's soybean crushings for the year to August 2017 are likely to reach record high volumes but Europe's growing soybean harvest will limit import demand, the head of oilseeds analysts Oil World forecast on Tuesday. "The main reason for the increased soybean crushings is the tighter supply of soft oilseeds, especially following a poor EU rapeseed crop this summer," said Thomas Mielke, chief executive of Hamburg-based Oil World.
EU September 2016-August 2017 soybean crushings will rise to 15.40 million tonnes from 15.01 million tonnes in the same period in 2015/16 and from only 13.18 million tonnes in 2012/13, Oil World estimates. But Oil World forecasts EU September 2016-August 2017 soybean imports will be little changed on the year at 14.9 million tonnes. "The EU soybean crop is expanding and is helping to reduce import requirements despite the expectations of larger crushings," Mielke said. The EU harvested 2.50 million tonnes of soybeans in summer 2016, up from 2.39 million in 2015 and only 1.02 million in 2012, Oil World estimates.