European Drought Boosts Soy Demand
A recent Iowa Soybean Association E-Gold newsletter highlighted the fact that global demand for soybeans, soyoil and soymeal is likely to increase as traditional consumers of drought-damaged oilseed crops in Europe seek alternatives.
“The global dependence on soybeans will increase in the 2010/11 season owing to smaller than expected world production and supplies of rapeseed and canola as well as of sunflower seed,” said Hamburg-based oilseeds analysts Oil forecast on Tuesday, Aug. 17.
“This will result in increased imports and crushing of soybeans in China, other Asian countries as well as in the European Union and many other countries,” it said.
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