Mumbai, 24 Jun (Commoditiescontrol): The European Union (EU-27) is projected to witness a significant increase in soybean supply in the 2024/2025 marketing season. This boost is primarily attributed to an expansion in the soybean sown area, while yields are expected to decline slightly.
Over the past decade, soybean production within the EU has more than tripled. The EU Commission forecasts a harvest of just under 3 million tonnes for 2024, reflecting a 6% increase compared to 2023. This would mark the largest soybean harvest on record for the European Union.
Italy continues to lead as the largest soybean producer in the EU, with a forecasted yield of 1 million tonnes, slightly less than the previous year by 0.9%. France, the second largest producer, is expected to see a minor decline of 0.5%, bringing its total to 384,000 tonnes.
Contrarily, other member states are anticipated to surpass their previous year's production levels significantly. Romania is expected to harvest 371,000 tonnes, marking an increase of nearly 24% from 2023. Croatia and Hungary are also projected to see notable rises in production, with forecasts of 258,000 tonnes and 182,000 tonnes, respectively.
Austria is likely to produce 293,000 tonnes, representing an 8.5% increase, while Germany is forecasted to yield 142,000 tonnes, up by 10.1% from the previous year.
Research by the Agrarmarkt Informations-Gesellschaft indicates that the overall increase in EU soybean supply is largely due to the expansion of the soybean cultivation area by 67,000 hectares, totaling approximately 1 million hectares. This represents the second-largest soybean area within the EU-27.
In conclusion, despite a slight decline in yield, the EU is set to achieve its biggest soybean harvest to date, underpinned by the substantial expansion in the cultivated area. This development underscores the region's growing significance in global soybean production.
EU Soybean Production Forecast (in 1,000 tonnes):
Italy: 1,052
France: 384
Romania: 371
Austria: 293
Croatia: 258
Hungary: 182
Slovakia: 173
Germany: 142
Source: EU Commission
(By Commoditiescontrol Bureau; +91-9820130172)
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