EU soybean oil imports jump 7% as rapeseed oil purchases surge

EU imports of soybean oil rose 6.95% year on year to 496,453 mt in the marketing year 2021-22 (July-June) as of June 20, while the region's rapeseed oil purchases jumped more than 129% to 583,416 mt, European Commission data showed June 21.

The EU's soybean oil purchases have risen amid disruption in global vegetable oil supply in the wake of Russia's invasion of Ukraine, led by reduced sunflower oil flows. The region's imports of soybean oil and rapeseed oil have also increased due to higher domestic and blending demand.

Ukraine provided 37.6% of the EU's soybean oil imports during the period, followed by Argentina at 22%, according to the data.

Poland emerged as the EU's leading buyer of soybean meal and oil derivative. The Netherlands was the top importer of raw beans in the EU during the period.

The EU's soybean purchases fell 5.24% year on year to 14.11 million mt in MY 2021-22 as of June 21. Soybean meal imports declined 4.3% to 16.04 million mt over the same period.

The share of Brazilian raw beans in the EU's imports stood at 57.3% as of June 12.

Market sources said an increased biodiesel blending mandate in Argentina for the next 60 days, another key supplier of raw beans, is likely to impede the supply of raw beans and derivatives.

The EU is the world's biggest soybean meal importer and second-biggest buyer of soybeans.