Rapeseed prices in the EU soared to EUR 525 per ton

The rally in prices for the oilseed, which is popular in Europe, is due to both a small rapeseed harvest in the EU and a weak harvest of an alternative crop, sunflower. High domestic prices in Europe are also supported by the global trend. Dr. Olaf Zinke, an expert at agrarhuete.com, writes about this.

Why did rapeseed rise in price?

According to the latest estimates of the European Commission, the rapeseed harvest in Europe amounted to only 17.15 mln tons, which is 2.6 mln tons (13%) less than in the previous season. Against this backdrop, in early November, rapeseed prices rose to €525 per ton, the highest in two years. Back in early October, the price for a ton of rapeseed was about 420 euros.

The reason for this is a significant shortage of supplies to European processing plants, which is already observed. Also, processors expect less cheap oilseeds from Ukraine than in the previous season.

Strategy Grains experts predict further increase in prices for rapeseed in the EU. The favorable market conditions will lead to the increase of rapeseed imports from Canada.

In the season ended October 27, the EU countries imported about 1.75 mln tonnes of rapeseed. This is about 5% (85 thsd tonnes) more than in the previous season. The main supplier was Ukraine with 1.27 mln tons, which is 72% of the total imports. The second most important supplier this year was Australia with 351 thousand tons. Certain quantities also came from Moldova, Serbia and Canada.

The main buyers were butter factories in Belgium and the Netherlands – 654 thousand tons and 516 thousand tons respectively.

The situation with sunseed is complicated

As for suseed, the harvest in the EU is expected to reach 8.9 mln tonnes, which is 0.9 mln tonnes (10%) lower than in 2023.

Imports of sunflower seeds to the EU are already 50% higher than last year and amount to 169 thsd tonnes. Half of the imports come from Moldova, and the rest – from Serbia, Ukraine and China. The main buyers are oil mills in Belgium and Romania.

In Kazakhstan, rapeseed is also in price

It should be noted that in Kazakhstan this season, rapeseed has become one of the most profitable crops for farmers. First, it yielded a very good harvest, about 50% higher than the average. Secondly, in September, the price for a ton of rapeseed in Kazakhstan was 180 thousand tenge ($375). Nevertheless, farmers were in no hurry to sell the crop, expecting prices to rise further.

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Tags: EU, prices, rapeseed