News

The area under soy in the European Union has doubled in 10 years

Soybean
Poland
Market & Price Trends
Published Apr 9, 2024

Tridge summary

The European Commission's latest report forecasts a significant boost in the EU-27's soybean production for the new season, with an expected record output of 3.13 million tons, marking an 11% increase from the previous year and 17% above the average. This growth is attributed to both an expansion in planted acreage and a slight improvement in yields. However, despite this production uptick, the EU's soybean consumption is projected to reach 16.64 million tons, far exceeding its production and thus necessitating substantial imports. The import forecast for the 2024/25 season has been adjusted upwards to 13.51 million tons, with a slight increase in exports to 0.24 million tons. Soybean stock levels are anticipated to remain stable at 1.3 million tons by the season's end.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

European Commission officials assume, in the first report for the new season, that this year's soybean production in the EU-27 will increase to a record 3.13 million tons (+11% y/y) and will exceed the average by as much as 17%. Better harvests are expected to be the result of larger acreage and slightly higher than average yields. EU soy consumption exceeds production many times, and the supply is supplemented by imports According to the EC, the expected soybean consumption should increase to 16.64 million tons (+0.42 million tons - y/y). The soybean import forecast was raised symbolically (from 13.50 million tons in the 2023/24 season to 13.51 million ...
Source: Gospodarz
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