Demand for Ukrainian rapeseed from exporters continues to grow against the background of increasing exports through Black Sea ports and steps to unblock the border with Poland.
In Ukraine, rapeseed prices rose to 332-341 EUR/t or 15,000-15,500 UAH/t with delivery to Black Sea ports. This corresponds to the September level. At the same time, demand prices for deliveries to the Czech Republic and Germany rose to €410-420/t.
In November, compared to October, Ukraine reduced rapeseed exports by 100,000 tons to 337,000 tons. In total, in 2023/24, Ukraine exported almost 2.4 million tons (2.8 million tons in the same period last year).
In 2023, domestic farmers harvested 4 million tons of rapeseed, of which 700-800 thousand tons are planned to be processed, and the remaining 3.3-3.5 million tons are to be exported.
The volumes of rapeseed processing and export of processing products also increased. Thus, in 2022/23 MR, Ukraine exported 84 thousand tons of rapeseed oil, and in 5 months of 2023/24 MR, already 340 thousand tons (in particular, 49 thousand tons in November), which is equivalent to 700 thousand tons of rapeseed.
By the end of the season, Ukraine can export another 1 million tons of rapeseed, so European processors should help unblock borders to get cheap raw materials. According to the European Commission, Australian canola prices are currently $502/t or €457/t FOB, and Canadian canola is $519/t or €473/t FOB. While European canola is €422/t FOB and Ukrainian canola is $400-420/t or €364-383/t FOB.
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