Triple growth of soybean area in the EU in 10 years

In a decade, the area under soybean production in the EU has tripled. However, the rich harvest is just a drop in the ocean. It covers only 15% of consumption in the domestic market, which is mainly needed for feeding animals. In the EU, about 16 million tons of soybeans are consumed annually. 85% of them are imported, reports the German website Agrarheute. What is in store for wheat prices in 2024? Despite the less than ideal climatic conditions for agriculture, 2023 will go down in history with the growth of soybean production, which reached 2.7 million tons. Areas are growing and will continue to be so in the future, according to experts. In Germany, specifically, the largest crop has been collected so far. This puts the country in eighth place among producers. According to data from the US Department of Agriculture (USDA), the world soybean production this year will be around 400 million tons. The European Commission in turn estimates that the total local annual demand for ...