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EU to import more soyameal from April: Oil World

HAMBURG (March 17 2010): European Union soyameal imports are likely to start rising from April if global soyameal prices make their expected fall, Hamburg-based oilseeds analysts Oil World forecast on Tuesday. EU soyameal imports fell by 2.4 million tonnes on the year in January/December 2009 to 21.94 million tonnes and the bloc's imports are likely to fall by about 800,000 tonnes on the year in January/March 2010, Oil World estimates.

The EU's LIVESTOCK farmers suffered low profits and pork production especially was reduced significantly in 2009, it said. This led to a 5 percent fall in EU compound animal feed production in 2009. "Declining oilmeal prices and still low feed grain prices should favour a recovery of European compound feed production in 2010," it said. "Soyameal prices are likely to decline further in the near to medium term, thus improving their competitiveness as feed ingredients." Oil World expects soyameal prices to come under pressure as large new Argentine and Brazilian soyabean crops come onto the global market.

Copyright Reuters, 2010

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