According to the latest figures from the European Commission, imports of U.S. soybeans into the European Union have doubled. The new statistics show E.U. purchases of American soybeans amounted to 3.7 million metric tons which is 100 percent higher than over the same period in 2017. South Dakota Soybean Association President John Horter says that’s good news for growers who need to be able to move the large volume of beans they have.
He says getting FTA’s with the European Union and other trading partners is important for America’s soybean farmers to deal with the recent low commodity prices.
Horter says as negotiators iron out the new deal with the E.U. they’ll hopefully get them to accept biotech beans which has been a stumbling block.
According to the latest EC figures, the U.S. remains the bloc’s leading supplier of soybeans with more than two thirds of total soybean imports compared to just 30 percent last year.
