The export potential of the market of rapeseed and its processing products renews the maximum. A record rapeseed harvest in Ukraine is expected this season. The area planted was a record and the final yield could also reach the maximum. The current forecast for the rapeseed harvest is 4.2 million tons.
The key to achieving such results is not only a large harvest of rapeseeds and the launch of new processing facilities, but also solving logistical issues.
In July, export statistics showed a fairly active start to the season. This was especially important in the situation with closed grain corridor. Logistics will be reoriented to the Danube ports and land routes through the western borders.
According to information from market participants, the September contracts are focused more on road and rail logistics of rapeseed.
EU countries remain the key sales markets for rapeseed and rapeseed meal. Meanwhile, China competes quite successfully with them in the rapeseed oil market.
Structure of exports:
Rapeseeds – the share of EU countries decreased in favour of Great Britain, Switzerland and Bangladesh;
Rapeseed oil – the share of EU countries decreased in favour of China and Malaysia;
Rapeseed meal – on the contrary, the share of EU countries reached 95%, and the other 5% – exports to Vietnam.
The current export figures in August allow us to consider optimistic scenarios. As of August 30, 2023, Ukraine exported about 500,000 tons of rapeseed and more than 58,000 tons of rapeseed oil.