Tridge summary
China has purchased all Ukrainian rapeseed stocks, leading to a record high price level and expected increase in the cost of cooking oil, margarine, and biofuel. The price of rapeseed in Hungary has doubled due to China's purchase and the scarcity of stocks in Canada, the world's largest producer. The high demand for oilseeds for biodiesel production and the rise in crude oil prices have also contributed to the deficit. Hungary has seen an 18% decrease in rapeseed production this year due to unfavorable spring weather.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
China has bought up all Ukrainian rapeseed stocks, which is probably one of the reasons for the rise in price levels. The price of rapeseed is record high, which is why, together with several other products, cooking oil, margarine and biofuel are also expected to become more expensive - read on nepszava.hu. Tamás Petőházi, President of the National Association of Cereal Growers, told the paper. In his view, the main reason for the outstanding price increase is that China bought rapeseed grown in Ukraine (and its products) and thus did not have access to the European market. A similar thing happened last fall. The price of rapeseed per tonne is currently between 185-195 thousand forints, instead of the previous 110-120 thousand. On Western European stock exchanges, the price of rapeseed per tonne already exceeds EUR 520, which has the greatest impact on the food industry. China is deliberately replenishing its reserves, storing strategic quantities of oilseeds, wheat and corn as ...
Source: Agroinform
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