Ukraine: Rapeseed prices fell sharply after reaching a record level of 994.5 € / t

Published 2022년 3월 24일

Tridge summary

The article highlights the impact of the ongoing Ukraine-Russia conflict on global oil and food markets. It explains how the uncertainty around Ukraine's food production has led to a surge in oil prices, with European countries planning to reduce or cease Russian oil purchases. This has caused a ripple effect, affecting food oil prices, with palm oil and soybean oil experiencing significant increases. Russia is set to introduce export quotas and tariffs on oilseeds and flaxseed from April 15, further exacerbating the situation. The European Union's rapeseed imports, particularly from Ukraine, are also facing challenges due to conflict and rising freight costs. The condition of rapeseed crops in Ukraine and Canada, a key producer, remains a concern for the global market.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The senseless war waged by Kremlin criminals against Ukraine and the entire civilized world continues to raise oil and food prices as markets suffer from uncertainty over Ukraine's food supply and production if the sowing campaign fails. European countries are actively trying to reduce or stop purchases of Russian oil, as a result of which oil prices have risen by 13% since the beginning of the week to $ 122 / barrel. Following oil, palm oil prices rose by 10% to 6,192 ringgit / t or $ 1,467 / t on Monday, and soybean oil, which is now the main alternative to sunflower oil, rose by 5% to $ 1,674 / t. Supplies of sunflower oil from Ukraine have been virtually stopped. From April 15 to September 1, 2022, Russia will introduce quotas for the export of 1.5 million tons of sunflower oil and 700 thousand tons of meal, as well as plans to increase tariffs on exports of oilseeds and introduce a duty on exports of flaxseed. Against the background of rising prices for rapeseed oil, May ...

Source: Graintrade