World rapeseed prices are not in a hurry to ease, despite the positive global rapeseed crop outlook

UkrAgroConsult

Article author:

Olena Hesova

Grain and Oilseed Market Analyst

In July-May 2020/21 top exporters (Canada, Australia, Ukraine) exported by 13% more rapeseed compared to the same period of 2019/20 and above the 5-year average.

Despite the depletion of Ukrainian export potential and high price for Canadian canola, in March world exports repeated the seasonal peak thanks to Australian shipments.

In July-May 2020/21 Australia increased exports by 78% y/y, including a major share shipped to the EU.

For 2021/22 crop prospects in Australia look much better than initial expectations and it is going to remain an important supplier for the EU.

Currently the market is eager to see the initial data on Ukrainian rapeseed yield as the harvesting gains pace. Last week local domestic and export prices tried to decrease. However, rising crude oil prices, bad condition of Canadian canola and weather risks for the US soybeans are limiting the downward tendency and support the world export prices at the levels much above last year, UkrAgroConsult reports.

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UkrAgroConsult

Tags: oilseeds, rapeseed, crop outlook, rapeseed prices