In the newest issue of the Market Report our prognosis for the European soya area in 2024 remains unchanged. The sowing period for oilseed in the region is likely to start in April. The soya area in Europe overall is forecast to continue to grow by 5-10% in 2024, to reach a new level of 5.3-5.7 million hectares. Should this prognosis be realised, this will be the 4th consecutive year of expansion in the region.

It is still not clear how the new EU Deforestation Regulation (EUDR) will impact the soya area and trade in the mid- and long-term in Europe. It is expected to have both a positive and negative impact on the soya area in Europe.

On the one hand, the new regulation is likely to increase the competitiveness and value of soybean and soya products:

• from regions without deforestation (such as Europe) compared to regions with a deforestation-risk (most notably Brazil);
• with certifications, such as Europe Soya, which ensure the traceability and sustainability of soya supply chains; and
• which are non-GM because most of the non-GM soybean supply chains already meet the deforestation requirements, regardless of whether the soya comes from Europe or Brazil (even Brazilian non-GM soya is already guaranteed deforestation-free because most of it comes from traceable and sustainable sources).

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