Soy cultivation in Europe is poised to break new ground
Soybean
Germany
Published Mar 13, 2024
Tridge summary
Soy cultivation in Europe is projected to grow by 5-10% in 2024, reaching 5.3-5.7 million tons, due to favorable economic conditions and steady non-GM prices in the EU. Major soy producers like Ukraine, Russia, and the EU are expected to expand their cultivation areas, with Ukraine potentially seeing a 21% increase. Germany, France, and Serbia are also predicted to significantly increase their soy cultivation. However, the new EU Deforestation Regulation (EUDR) legislation introduces some uncertainty to these projections.
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
Soy cultivation in Europe is anticipated to soar between 5-10% in 2024, reaching an unprecedented 5.3-5.7 million tons. Key soy-producing nations within the EU, including Ukraine, Russia, and the EU itself, are expected to witness an expansion in soy growing areas. This growth is fueled by the compelling economic conditions surrounding soy prices, presenting a more profitable alternative compared to other crops, according to the latest Donau Soja market report. Despite a 10-15% global market price decline over the past three months, EU non-GM prices have displayed resilience, holding steady. In mid-February, Bologna non-GM soybean prices dipped to €450/t, marking a modest 3% reduction from their recent peak in mid-December, reads that publication. Ukrainian cultivation Ukraine, a leading soy producer in Europe, is projected to witness a remarkable 21% increase in soy cultivation, reaching a record 2.2 million hectares in 2024, as per the country's agricultural ministry. While a ...
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