FAO slightly raised its forecast for global oilseed production

The Food and Agriculture Organization (FAO) of the UN has increased its estimate of the global oilseed harvest in the 2023-24 crop year by four percent from last year. This was reported in its November report. In exact figures, a record figure of 666.7 million tons is expected. This is 25.8 million more than the level of the last agricultural year and seven percent or 47.3 million from 2021-22. The organization’s specialists expect that the increase will occur due to an increase in the harvest of sunflower and soybeans, which will compensate for the reduction in rapeseed. For the first crop, the indicator should increase due to favorable agroclimatic and technical conditions for cultivation in European countries, including the states of the Black Sea region. Let us remind you that among the Black Sea countries there are those that are only part of Europe, and those that are located on several continents. The former include Bulgaria, Romania and Ukraine, and the latter – Russia, ...