HAMBURG, Feb 26 (Reuters) - The European Union is likely to raise soymeal imports in coming months as animal feed makers hope the new South American soybean crops in early 2013 will depress prices, Hamburg-based oilseeds analysts Oil World said on Tuesday.
The EU will import 17.50 million tonnes of soymeal between January and September, up from 16.21 million in the same period a year ago, Oil World estimates.
EU animal feed producers cut soymeal imports last year in the face of high prices following drought damage to soybean harvests in several regions and the depressed state of Europe’s livestock farming, Oil World said.
EU feed makers have low soymeal supply cover for the 2013 summer months and are expected to start raising imports from April as supplies from large harvests in Argentina and Brazil come on to the global market, it said.
Yet the large number of consumers waiting to buy low price soymeal as South American supplies enter the market may push prices up, Oil World warned.
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