EU soybean meal imports will reach record levels in MY 2024/25
German analysts at Oil Word forecast that European Union countries will import a record 22 million tons of soybean meal in MY 2024/25, up 3.6 million tons from the previous season. From October 2024 to March 2025, imports of the product are up 28% year-on-year. Argentina remains the main supplier, accounting for about 80% of supplies.
The high demand for soybean meal is due to limited supply and rising prices for rapeseed and sunflower meal. EU imports of these alternative meal types are expected to decline to 3.1 million tons. At the same time, domestic EU meal production will fall to its lowest level in three years at 33.7 million tons, 0.9 million tons less than last year. Partial growth in soybean processing will not compensate for this downgrade.
Despite the decline in production, consumption of vegetable fractions in the EU will grow by 2.3 million tons due to the recovery of the meat industry.
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