European Union: Oilseeds and Products Annual

MY 2024/25 European Union oilseed production is forecast to decline by about one percent over the previous year with good yields. This forecast is based on the assumption of average growing conditions, lower, more average yields, but increased area which cannot make up for the lower yields. Feed use of oilseed meals is forecast down despite higher demand from the animal sector, which is projected to be met by more competitive feed grains. Food use of vegetable oils is forecast to grow whereas biofuels use is declining. The new EU Deforestation Regulation will likely impact soybean and products and palm oil markets, but it is unclear how it will impact the overall dynamics of the oilseeds market. The Russian invasion of Ukraine still brings further uncertainties.