In 2023/2024, oilseed production in the EU is expected to be 6% higher than the last marketing year and could reach 33 million tonnes.

This is primarily driven by higher production of soybeans (+20%) and sunflower seeds (+14%), which are recovering from the very low levels recorded in the previous season.

Rapeseed production, which increased in 2022/23, is expected to remain fairly stable at 19.6 million tonnes in 2023/24, despite a small increase in cultivated area (+1% compared to 2022/23). Regarding sunflower seeds, there are still challenges for some of the main producing countries in the EU (RO, BG) due to unfavorable weather conditions.

Compared to historically high import levels in the EU in 2022/2023, attributed to trade flow challenges from Ukraine and difficulties in using Ukrainian crushing capacity, a decrease in rapeseed and sunflower seed imports (15% and -29.5%, respectively) is expected, while soybean imports

Bean imports are estimated to increase by 6%, to 14 million tonnes, returning to average levels from the last 5 years. At the same time, EU exports are likely to remain relatively stable.

The EU's annual production of oilseed meal is expected to increase only marginally in 2023/24, by 1.3%, to approximately 31 million tonnes. Overall, the increase in soybean and sunflower meal production (+7% and +6%, respectively) offsets the decrease in rapeseed meal (-5%).

EU exports of oilseed meal are also expected to increase only marginally (+1.5%), to 2.4 million tonnes, mainly driven by soybean meal exports (+25%), while rapeseed meal exports could decrease (-13%). EU imports of oilseed meal are estimated to decrease by about 5%, except for soybean meal, which could remain stable.

EU vegetable oil production is expected to remain unchanged in 2023/24, at approximately 17 million tonnes, as well as consumption (at approximately 21 million tonnes). The use of palm oil is expected to continue its structural decline (-12.5% this year), in line with the last 5 years.

Both EU exports and imports of oils are expected to decrease in 2023/24, returning to more traditional levels. Exports could reach 2.6 million tonnes (-12% compared to 2022/23), due to lower exports of rapeseed oil (-32%) and sunflower oil (-20%). (Photo: Freepik)