by PressTurkey hopes to increase soybean and other oilseed harvests
Increase in soybean harvest due to support from authorities
FAS forecasts an increase in Turkey‘s oilseed production in the 2024-2025 agricultural season. In particular, experts expect an increase soybean harvest, sunflowers and cotton. The positive momentum is due to improved growing conditions in the country.
According to the forecast, oilseed production in Turkey will increase to more than 3 million tonnes. This figure is 12% higher than the previous season’s results. The main factors behind the increase in area are:
— increased demand for oilseeds and their products in the domestic market;
— government support for farmers;
— favourable weather conditions throughout the crop’s ripening period.
The Turkish authorities are actively supporting the agricultural industry. For increase production of soybeans and other oilseeds the government pays farmers. The amount of financial support depends on the cultivation volume. In addition, farmers receive a separate payment to compensate for the cost of fuel and fertiliser. The amount of compensation depends on the area cultivated.
Overview of sunflower production
Analysts are forecasting a sunflower harvest of around 1.7 million tonnes, an increase of 8% from last year. In turn, FAS expects consumer demand to increase to 2.4 million tonnes, 300,000 tonnes more than last season. Sunflower seed imports will amount to 775 thousand tonnes, an increase of 175 thousand tonnes.
Turkey will also increase its purchases of sunflower oil. Most of the imports will be processed or re-exported to other countries.
Domestic soybean yields
Analysts expect a record soybean production of 150 thousand tonnes. It is important to note that Turkey depends on imports for this crop. Purchases on the world market allow to meet the domestic demand for beans. Imports should reach 3.2 million tonnes in 2024-2025.
Global soybean market overview
The global soybean market was worth over US$156 billion in 2023. In 2024, experts forecast an increase to US$163.8 billion. By 2032, the figure will be around US$233 billion.
These figures indicate a growing demand for soya that will continue to increase in the coming years. This is mainly due to the demand for the oilseed in various sectors. More and more people are becoming vegetarians as they become more aware of what they are consuming. This, in turn, drives demand for soya products as a substitute for animal protein. The oilseed is also widely used to produce environmentally friendly fuels.