Following the rocket attacks on the infrastructure of Ukraine’s Black Sea and Danube ports, some ships left the Danube ports due to the risk of further attacks, and export demand for Ukrainian rapeseed fell sharply.
According to Graintrade on Monday, purchase prices for rapeseed delivered to Danube ports fell by $0.015-0.040/kg, but then recovered to a price of $0.36-0.37/kg.
The rains are delaying the rapeseed harvest somewhat, but yields remain high. Farmers are actively selling rapeseed with quick payment to replenish working capital, while wheat and barley sales are being postponed as prices for these crops are significantly lower than last year.
On the Paris exchange, November rapeseed futures fell 1% this week to €0.476/kg or $0.50/kg, under pressure from increased offers from EU and Ukrainian farmers.
On the Winnipeg exchange, November canola futures remained at Friday’s level of 830 CAD/t or $625/t this week amid improving weather conditions in the Canadian prairies.
In the short term, increased canola supplies will put pressure on prices, especially as the weather improves in the US, where lower temperatures and rainfall will reduce the speculative impact on soybean prices.
Source: Graintrade