European oilseed production is expected to increase significantly
European oilseed production is expected to increase significantly
The 2023/24 supply and demand forecast report released by the French analysis agency Strategic Grains on January 30th shows that EU oilseed production will increase significantly in the next year, mainly because sunflower seed and soybean production will recover from the low level of the previous year. Growth, helping to offset the slight decline in rapeseed production.In 2023/24, the EU's sunflower seed production is expected to increase to 11.3 million tons, an increase of 23.8% year-on-year; soybean production is expected to increase to 3.21 million tons, an increase of 27.8% year-on-year.
In addition, Ukraine's oilseed production will also increase this year.On February 1st, APK-Inform predicted that the oilseed acreage in Ukraine is expected to increase to 8.28 million hectares in 2023, an increase of 3% year-on-year, due to a decrease in grain sowing area.The increase in oilseed area will be mainly concentrated in sunflower seeds and soybeans.Sunflower seed production will reach 12.3 million tons in 2023, an increase of 12% year-on-year.
