Adverse Weather in Ukraine’s Oilseeds Primary Growing Areas, a Concern for Grains and Oilseeds Production
Extensive rainfall and wetter conditions swept through the area north of the Black Sea, coming with its thunderstorms in most cropping areas in Ukraine earlier on in the month. In the eastern areas of the country toward the central district of Russia, precipitation averaged 10 to 60 mm, enabling soil moisture levels for oilseeds and summer crops. In the southern and southwestern oblast regions, however, the impact was lesser as planting started early and was quite advanced when the rains came. The long-term average (LTA) rainfall mentioned hitherto, although good for soil moisture conditions, has slowed fieldwork to a significant degree. Looking ahead, the development of the weather would be key, likewise, production in Europe, which would be followed keenly to establish how tight or loose the supply and demand picture of these two trading partners turn out. Buyers of the oilseed or oil may do well by taking some cover of their exposure well into the end of the H2- 2023 to hedge against any price hike.