Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

U.S. soy seizes EU market, bolstering Trump trade deal

Published 09/20/2018, 12:05 AM
Updated 09/20/2018, 12:10 AM
© Reuters. FILE PHOTO: Soybeans grow in a field on BJ Reeg's farm in Bellevue Iowa

SALZBURG, Austria (Reuters) - The United States has supplanted Brazil as the European Union's top supplier of soybeans since a deal in July with President Donald Trump to avert a trade war, according to EU data seen by Reuters on Thursday.

In the 12 weeks to mid-September, U.S. soybeans accounted for 52 percent of imports to the EU, rising 133 percent compared with the same period last year to 1.47 million tonnes. The United States had just 25 percent of the market in the same period of 2017.

Imports from Brazil dropped to a 40-percent share of the bloc's roughly 35 million tonne annual import market for the animal feed staple.

European Commission President Jean-Claude Juncker pledged in a White House deal in late July that Europeans would buy more U.S. soy as part of a package to avert threatened tariffs from Washington on U.S. imports of EU cars.

The EU executive has been collating frequent new import data to prove it is keeping its side of the bargain - even though the trends are largely the result of price movements in world markets. The EU had no previous barriers to U.S. soybeans.

In June, China largely stopped buying U.S. soybeans in retaliation for trade measures Trump targeted at Beijing -- prompting European farmers to switch to buying cheaper U.S. soy.

U.S. and EU negotiators have begun discussions on how to free up some trade in what Washington wants to be a bigger deal that would cut the U.S. deficit in merchandise trade.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

All of the posturing and trade war rhetoric is directed towards china,  trump never ment to go after europe or anyone else for that matter outside of china and renegotiating nafta.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.