Ukrainian processors raise rapeseed prices
Ukrainian processors raised their rapeseed purchase prices to $485/t CPT plant last week. At the same time, export prices remained largely unchanged at $520/t CPT port and around $555/t FCA Chop, according to Spike Brokers.
As a result, the price gap between domestic processors and ports narrowed from $40/t to $35/t, while the gap with the western border decreased from $75/t to $70/t. Despite higher bids from processors, export channels continue to offer significantly higher prices for rapeseed.
The market was also supported by higher EU rapeseed futures last week. The November contract on MATIF gained around 1.1%, although the increase has not yet resulted in higher Ukrainian export prices.
Meanwhile, the European rapeseed oil market moved lower. As of September 4, crude rapeseed oil FOB Netherlands was assessed at around €1,225/t for October delivery and €1,212/t for November, down €5/t and €15/t on the day, respectively.
In August, Ukraine exported 292.6 thsd tons of rapeseed and 95.4 thsd tons of rapeseed oil. Rapeseed therefore accounted for around 75% of the combined export volume of the two products, and despite stronger buying from domestic processors, seed exports remain the main sales channel.
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