Turkey: Oilseeds and Products Annual

Turkey’s production of major oilseeds – sunflowerseeds, cottonseeds, and soybeans – in marketing year (MY) 2023/24 is projected to decrease year-over-year because of pre-earthquake market dynamics. The threat of a serious drought could further depress production, while the fallout from the recent earthquakes is expected to have a very minor impact on overall oilseed production and processing. Increased import volumes of sunflowerseeds sunflower meal, and soybeans are expected to partially offset the forecasted decrease in oilseed production. Meantime, among other market interventions to combat inflation, the government has slashed import duties on most oilseeds, meals, and oils. Imports of Ukrainian sunflowerseeds and sunflower oil have surged from September-December of MY 2022/23.