EU intends to increase soybean and sunseed production in 2024/25 MY

Published 2024년 2월 6일

Tridge summary

Consulting firm Strategy Grains predicts a 7% decrease in the EU's rapeseed production volumes to 18.4 million tonnes in the next season due to a reduction in crop area, potentially leading to increased imports from Australia and Ukraine. However, sunseed production is expected to rise by 8% to 10.7 million tonnes, and soybean harvest may reach 3.1 million tonnes, a 7% increase year-on-year. The average prices for rapeseed and sunflower oil are also expected to increase in the 2024/25 marketing year due to the vegetable oil balances in the EU and globally.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Next season, the EU rapeseed production volumes may decrease by 7%, to 18.4 mln tonnes, amid the reduction of the crop area in most countries of the bloc (from almost 6 mln hectares to 5.6 mln hectares). This forecast was announced by the consulting company Strategy Grains. Experts assume that the decline in oilseed production is likely to lead to the increase in its imports from Australia and Ukraine. At the same time, the production volumes of sunseed in the future may increase by 8% to 10.7 mln tons due to the possible increase in yields. Farmers are planning to allocate 4.9 mln ha for seeds (unchanged for the year). As for soybeans, their gross harvest is expected to reach 3.1 mln tonnes (+7% y-o-y), while the harvesting will take place on 1.1 mln hectares (+0.1 mln hectares). “In ...

Source: UkrAgroConsult