The summer forecasts for the 2023 soy harvest were exceeded after this year's harvest was brought in. The record high in Europe this year is forecasted to be 12.2 million tonnes of soy, according to the latest November Donau Soja Market Report.
European harvest volume has increased by almost a quarter compared to the previous year. The largest increases were recorded in Ukraine, with a rise of almost one million tonnes, up 20% to 4.8 million tonnes. The soy harvest in the EU countries also increased by 740,000 tonnes to more than 3 million tonnes. The soy cultivation area in the EU remained roughly the same this year, but the harvest volume in EU countries nevertheless increased by more than a third. The global soy harvest is projected to be 400 million tonnes in the current marketing season (2023/24).
“The majority of the soy used in the EU still comes from non-certified sources overseas, where deforestation might be involved. We see great potential for the expansion of regional, European, GMO-free, and sustainably produced soy value chains both in the EU and in European non-EU countries,” explained Donau Soja president, Matthias Krön.
Record harvests in Germany and Austria
The reason for the massive increase in harvests was the 20% expansion of soy cultivation areas in Ukraine and the favorable situation of rainfall and dry periods in the EU, which massively increased the yield per hectare.
The better precipitation and harvest conditions in 2023 were also felt in Austria and Germany. Although the area under cultivation (Austria -6.4%; Germany -12.8%) fell this year, the harvest volume increased by 9.4% (Austria) and 9.6% (Germany). The harvest in Germany this year amounts to 140,000 tonnes, and in Austria 267,000 tonnes. This means that Austria produces roughly twice as much soy as Germany. In view of the favorable developments, Donau Soja expects an expanded soy cultivation area in 2024.
Download the report here.