Record soybean acreage expected this year in the EU

The countries of the European Union plan to increase soybean production by 10%, reaching record planted areas. This is facilitated by relatively high soybean prices, growing demand for vegetable proteins and incentives from the EU’s internal policy, according to the Danube Soybean Association.

“The EU remains import-dependent on soybeans, and therefore attractive for supplies to Ukrainian producers,” said Volodymyr Pugachev, executive director of the Danube Soybean Association.

He added that the expectations for the increase of soybean area in Ukraine are optimistic.

Mr. Pugachev emphasized the importance of compliance with EU quality requirements, including non-GM production, the ban on hazardous pesticides, and the use of original seeds.

The association noted that seed companies, both domestic and foreign, have every opportunity to provide the market with quality soybean seeds. Gradually, producers are switching to the use of high-quality seeds, which is confirmed by the increase in yields.

“The advantages of soybeans over other crops are their lower sensitivity to fertilization compared to wheat and corn, and thus attractive cost of cultivation and positive impact on crop rotation and soil health. These benefits have led to an increase in soybean acreage in Ukraine over the past two years,” the Danube Soybean Association informed.

It was also recalled that last year the soybean acreage in Europe increased by about 7% – from 4.7 million hectares to 5.09 million hectares. At the same time, the increase of soybean acreage in Ukraine in 2023 was more than 20%, at 1.8 mln hectares, up from 1.5 mln hectares in 2022.

The EU and Ukraine harvested a record soybean crop. The gross harvest of this crop in the EU increased to 3 mln tonnes, up 740 thsd tonnes or 33% year-on-year.

Tags: prices, soybean, sown area, EU