Rapeseed prices in Ukraine fell by 1500 UAH/t following the collapse of stock prices
Purchase prices for rapeseed delivered to Ukrainian ports of the Black Sea continue to fall following the decline in stock prices and reduced demand from traders due to a decrease in rapeseed stocks in Ukraine.
During the week, the price of rapeseed in ports fell by 1000-1500 UAH/t to 24800-25000 UAH/t or 520-530 $/t under pressure from the decline in quotations on the stock exchange in Paris by 7%.
February futures for rapeseed on the Paris MATIF yesterday fell 1.5% to 505,75 €/t or 531 $/t (-7.1% for the week, -0.6% for the month), almost losing the speculative growth of the last month due to the collapse of prices for canola in Canada, caused by the statement of trump’s intention to impose a 30% duty on Canadian goods.
January futures for canola on the Winnipeg stock exchange for the week fell by 8.6% to 580 CAD/t or 412 $/t (-10.3% for the month), which significantly increases the prospects for increasing the supply of cheap canola to the EU.
According to Fediol, in October, the EU increased the processing of rapeseed compared to September from 1.55 to 1.69 million tons (1.63 million tons in October 2023), and in General from January to October 2024 processed 16.5 million tons of rapeseed (15.9 million tons in the same period in 2023), but it did not support the quotes.
Oil prices fell below 73 $/barrel after reaching a ceasefire agreement between Israel and Hezbollah, as well as the establishment of control of Lebanon and international forces abroad between southern Lebanon and Israel.
Prices for rapeseed will continue to fall until the second half of the season, when there may be additional factors of unfavorable weather in India or South America.
India may reduce the area under rapeseed and mustard as high temperatures during the sowing season forced farmers to switch to crops that are less affected by the heat but give the same good profit, Reuters reported after a survey of producers.
The decline in production of the main winter oilseeds will force India to increase imports of expensive cooking oils, including palm, soybean and sunflower.
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