Economic analysis of soybean production in Vojvodina [Serbia]

Soybean was grown in Vojvodina on 118,062 ha (on average in 1999-2008), which makes 7.5% of provinces arable land and accounts for 93% of total soybean area in Serbia. The obtained yield is higher than average yields in Europe and the world. The average cost of soybean production in 2009 in agricultural companies was 677 EUR/ha, while the average cost of production on family farms (the type of farms which pay harvesting service being the dominant type) was 329 EUR/ha. With the selling price of 0.28 EUR/ha the achieved profit for agricultural companies was 167 EUR/ha. Farmers work contributed 33% of the achieved income of family farms (594 EUR/ha). Economic results highly depend on the chosen moment of realisation (sale). In conditions of significant price fluctuation, producers readiness to wait for higher price could assure significant income increase.