Export demand for Ukrainian rapeseed remains high
Export demand for Ukrainian rapeseed remains high amid rising global prices. November rapeseed futures on MATIF in Paris gained 2% last week to €555.5/t, or around $645/t, while canola futures in Winnipeg rose 1.1% to CAD 823/t ($596/t). Higher crude oil prices continue to support the oilseed market.
In August, Ukraine exported 292.6 thsd tons of rapeseed and 95.4 thsd tons of rapeseed oil. In rapeseed equivalent, combined exports amounted to around 520 thsd tons, compared with this year’s crop of 3.8 mln tons. Strong shipment volumes could continue in September and October.
Export bid prices for rapeseed in Ukraine currently stand at $480–500/t delivered to Danube ports and $490–510/t delivered to terminals on the western border. Prices for delivery by truck to the Romanian port of Constanta reach $585–590/t.
At the same time, domestic demand for rapeseed is gradually weakening as Ukrainian processors shift to purchases of the new sunflower seed and soybean crops. Rapeseed prices for 44% oil content declined by around UAH 500/t over the week to UAH 19,000–21,500/t delivered to processing plants.
Going forward, export supplies of Ukrainian rapeseed and rapeseed oil could decline due to a seasonal increase in sunflower seed and soybean processing as well as logistical constraints. Meanwhile, EU demand remains an important source of support, as high Canadian canola prices make Ukrainian rapeseed more competitive on the European market.
Got additional questions?
We will be happy to assist!
Write to us
Our manager will contact you soon