European Commission slightly increased the estimates of supply and demand of oilseeds in the EU in 2023/24 MY

The European Commission made upward adjustments to the supply and demand of major oilseeds in the EU in 2023/24 MY, including soybeans and sunflower.

In particular, the Commission increased the estimate of soybean production by 100 thsd tonnes to 2.8 mln tonnes (+0.4 mln tonnes per year), and also increased the forecast of domestic consumption of the oilseed by the same amount to 16.5 mln tonnes (+1).

The estimate of sunflower seed production in the EU increased by 200 thsd tonnes to 10.2 mln tonnes (+0.9 mln per year), and the expected consumption increased by 200 thsd tonnes to 10.7 mln tonnes (-0.1).

Tags: EU, soybean, sunseed, crop forecast