Source: Oleoscope (Russia)
Global rapeseed prices fell slightly last week. In Ukraine, however, purchase prices remained high due to brisk exports and strong demand from traders, reports CMB News. Despite the 3.7% drop in oil prices on Friday, the rapeseed market has yet to feel the impact, but pressure on prices is likely to intensify in the coming days.
Purchase prices for rapeseed in Ukraine rose this week to 22.7-23 thousand UAH per ton ($475-485) for delivery to Black Sea ports. The increase is due to the fact that farmers have practically stopped selling after earlier price cuts. Meanwhile, processors are offering UAH 20,500-21,500 per ton of rapeseed for delivery to factories.
In July, Ukraine exported 278,000 tons of rapeseed, which is 15 % more than in July 2023, when 242,000 tons were exported. This increase is due to the early ripening of the crop and high oil prices; it was the highest export volume in July in the last five years.
November rapeseed futures on the Paris exchange fell 1.7% last week to €472.25/t ($516.3/t), down 3.3% for the month. The decline occurred despite forecasts for a smaller EU harvest.
In Canada, November canola futures on the Winnipeg exchange fell 5.7% week-on-week to CAD 610/t ($439.35/t), down 7% on the previous month. Improved weather conditions in the Canadian Prairies are expected to lead to a good canola crop, followed by a drop in prices after last week’s speculative rally.
Earlier, UFOP reported that shipments from Ukraine to the EU increased by 6% to almost 3.2 million tons.
