Despite the floods in the EU and reduced sowing areas in Ukraine, rapeseed prices continue to fall
Recently, there were heavy rains in Eastern Europe, which will delay the sowing of winter rapeseed and may damage some of the crops. In the center and west of Ukraine, it also rained, which will improve the condition of winter crops and allow sowing additional areas. However, drought remains on the left bank of Ukraine, and no precipitation is expected in the next 7-10 days. According to the Hydrometeorological Center, the drought currently covers more than 70% of the area to be planted with winter crops.
As of September 9, Ukraine planted 535 thou hectares of winter rapeseed (+158 thou hectares per week), down 41% year-on-year. The lack of moisture in the eastern regions will not allow to plant 1.2 mln ha of rapeseed.
Export purchase prices for rapeseed in Ukraine remain at 22900-23200 UAH/t or 485-495 USD/t with delivery to the Black Sea ports. They are supported by a reduction in supply from producers who are busy harvesting late crops and sowing winter crops.
On world markets, quotations continue to fall, despite the deterioration of the balance of rapeseed for 2024/25 MG and rising oil prices.
the November futures for rapeseed on the Paris MATIF on Friday fell by 2.1% to 456,5 €/t or 506,6 $/t (-1.6% for the week, -5% for the month).
November canola futures on the Winnipeg stock exchange on Friday fell 3.7% to 542 CAD/t or $400/t (-5.2% for the week, -4.2% for the month) amid possible restrictions on supplies to China.
Heavy precipitation and lower temperatures in the prairies of Canada will delay the harvest of canola, which this week may lead to higher prices.
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