News

In EU countries, a record area under soybeans is expected

Soybean
Ukraine
Market & Price Trends
Published Feb 22, 2024

Tridge summary

Due to high soybean prices and growing demand for vegetable proteins, EU countries are planning a 10% increase in soybean production, supported by EU domestic policies. Last year, the EU and Ukraine saw a record soybean harvest, with the EU's gross harvest rising by 33% to 3 million tons. The area sown with soybeans grew by about 7% in Europe and over 20% in Ukraine. Despite this, the EU remains reliant on soybean imports, presenting opportunities for Ukrainian producers.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

EU countries plan to increase soybean production by 10%. This is facilitated by relatively high soybean prices, growing demand for vegetable proteins and incentives from EU domestic policies. This was reported by the press service of the Danube Soy Association. It is noted that last year the EU and Ukraine harvested a record soybean crop. The gross harvest of this crop in the EU increased to 3 million tons, which is 740,000 tons or 33% more compared to the previous year. The sown area under soybeans in Europe increased by about 7% from 4.7 million hectares to 5.09 million hectares. At the same time, the growth of cultivated areas under this crop in Ukraine in 2023 was more than 20%, at the level of 1.8 million hectares from 1.5 million hectares in 2022. "The EU remains import-dependent for soybeans, and therefore attractive for Ukrainian producers' supplies," said Volodymyr Pugachev, executive director of the Danube Soya Association. He added that the expectations regarding the ...
Source: Superagronom
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