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Ukraine 2024 crop rapeseed export prices seen rising, producers say

Export prices for Ukrainian rapeseed of 2024 harvest will rise to at least 500 euros ($536.50) per metric ton CPT by October from the current 425 euros, Ukraine’s largest agribusiness group Agrarian Council said.

Ukraine is a major grower of rapeseed and traditionally exports a lion share of the harvest mostly to European consumers.

“In the longer term, the price should turn upwards. We can expect prices to return to at least 500 euros per ton in October and November,” the council said in a statement.

“For farmers who did not manage to lock in current prices, it may make sense to hold back sales until September-October to sell the rapeseed at a better price later,” it said.

Ukraine has already started harvesting the 2024 crop, which the Сouncil estimates could be up to 4.2 million ton, of which up to 600,000 tons could be processed domestically.

The agriculture ministry sees the 2024 rapeseed crop at around 4 million tons, while analyst APK-Inform expects the output at 4.3 million tons.

Ukraine harvested around 4.7 million tons of rapeseed in 2023 and the 2023/24 exports total 3.7 million tons, APK-Inform said.
Source: Reuters (Reporting by Pavel Polityuk, Editing by Louise Heavens)

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