Experts expect a number of challenges and tasks for the market of rapeseed and its processing products in 2023/24.
According to UkrAgroConsult the turbulence in the Ukrainian oil seeds market, especially in the rapeseed market, will be higher than in grain markets.
The countries of Eastern Europe (Romania, Bulgaria, Poland, Hungary, Slovakia) have currently agreed to extend the ban on the import of agricultural products from Ukraine after September 15 of this year. The ban does not apply to transit, but it will still lead to a longer phase of the export season.
Meanwhile, Australia is expecting a significant decrease in the rapeseed harvest. Australia is one of the key suppliers to the EU. This fact will definitely support the demand of the EU countries for rapeseed from Ukraine. At the same time, the weather in the EU leads to a downward adjustment of the rapeseed crop forecasts.
The termination of the grain corridor leads to a reorientation of exporters to river ports and land western crossings. It will slow down Ukrainian exports, but will not stop them. In addition, the growth of processing capacities is expected, which will partially reorient the market to meet domestic needs.
All of the above indicates that the rapeseed market will have to adapt to the current situation, considering the crop forecasts and the current results of the harvesting campaign. Purchasing prices for rapeseed in the Danube ports now increased to the level of 370-380USD/T on CPT basis.