A prominent soybean industry researcher predicts European Union imports will climb to levels not seen since the 2008 time frame. Industry group “Oil World” makes this prediction based upon the increased crushing of the oil seed for the soy bi-products.
The EU is on track to import almost 14M metric tons of soybeans through August – a little more than one-half ton imported a year earlier. Oil World sees the crossings rise by a little more than one-quarter ton in this time frame.
Oil World went on to say that earlier this year there had been lower than expected soybean meal imports from South America. At the same time, the “reserved selling of rapeseed there in Europe kept prices of the competing oilseed high.”
Soybean futures trend is up with no top yet in sight. We were stopped out just yesterday one day after soybean futures made new contract highs late last week. Looking for another opportunity to get long this market.
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