The European Union will sharply increase soyameal imports in coming months to replace lower rapemeal supplies looming as the bloc faces a major fall in its rapeseed crop, Hamburg-based oilseeds analysts Oil World forecast on Tuesday. This would be the second highest soyameal import season on record after the record imports in 2007/2008, Oil World said.
Oil World estimates bad weather will cut the 2011 EU rapeseed crop by 8.2 percent on the year to 18.8 million tonnes, 5 million below the bloc's requirements. Argentina, Brazil and the US are the EU's traditional soyameal suppliers, it said. But the EU had in the past year also imported more Indian soyameal as it is free from genetically-modified organisms (GMOs).
Australia is also likely to win more sales of the rapeseed variant canola to the EU, Oil World said. Australia is forecast by Oil World to export 1.6 million tonnes of canola to the EU in November 2011/October 2012 season, up from 1.3 million tonnes in the previous season, Oil World said. The expected sales to the EU will mean Australia will have reduced canola supplies available for other global customers, it said.
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