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

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 2024/25 MY, the average prices for rapeseed and sunflower oil are expected to grow due to the situation with the vegetable oil balances in the EU and the world,” – added the experts of Strategy Grains.

Tags: sunflower oil, EU, prices, soybean, sunseed, rapeseed, sown area