EU expects largest soybean harvest in past six years

With an increase in area and yield, EU major oilseed production in 2023-24 is expected to increase 6%, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture.

Total major (soybeans, rapeseed and sunflower) oilseed production is estimated at 33.3 million tonnes, up from 31.4 million tonnes in 2022-23.

Average yields of soybeans and sunflowers are expected to be at a more normal level, the FAS said, compared to the low heat and drought affected yields of the previous market year.

Compared to last year, soybean production is expected to increase 16% to 3 million tonnes, the largest EU crop in the past six years.

Crushing margins are attractive at the start of the new campaign, the FAS said. Volumes are expected to increase due to healthy demand for domestically produced oils.

In 2022-23, soybean acreage was up but production dropped by 8% year-over-year to 2.6 million tonnes due to severe droughts and heatwaves in most of the producing countries.

Rapeseed production in 2023-24 is expected to increase 2% to 19.8 million tonnes while sunflower production is expected to increase 12% from last year’s record-low crop to 10.5 million tonnes.

Tags: EU, estimate, Oilseed, soybeans, Production, drought, yields, rapeseed, yield, FAS, sunflower