Increasing supplies through the Black Sea ports allowed Ukraine to increase rapeseed exports. It was very important for the market against the background of blocking the borders with neighbouring EU countries for 3 months. But most of the traders are ending their rapeseed export programs, so the demand for it is decreasing. Considering still significant stocks remaining in Ukraine, there is no ground for a price increase in Ukraine in the near future.
For the moment, rapeseed prices in Ukraine remain at the same level of 360-380 USD/t or 330-350 EUR/t with delivery to the Black Sea ports. Meanwhile, UAH prices increased in January due to the US dollar strengthening by 5% to 15,500-16,200 UAH/t. The lack of competition and the possibility of exporting to the EU by road allows traders to buy the necessary consignments at the ports.
Demand prices for deliveries to Germany and the Czech Republic for the month fell to 420-440 EUR/t. It makes these directions unprofitable for farmers. The increase in logistics costs caused by the blocking of borders made farmers deliver their goods to Ukrainian sea ports again.
In December, rapeseed exports from Ukraine decreased by 17% compared to November to 290,000 tons. In general in 2023/24 the export reached 2.7 million tons from the forecasted 3.5 million tons.
Import/Export Statistics
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