Ukraine: On Friday, prices for rapeseed and canola recovered from the previous week’s decline

Published 2024년 11월 18일

Tridge summary

Despite falling oil prices and predicted decrease in biofuel demand in 2025, the prices for rapeseed and canola have significantly increased. EU importers have shifted their focus from Ukrainian rapeseed to Canadian and Australian canola, leading to a surge in prices for these commodities. The rise in canola prices is attributed to high export volumes and the resumption of port operations following a strike, while rapeseed prices have risen due to limited supply. The US biofuel industry is facing challenges such as low quotas and appointments of pro-oil officials, potentially reducing biofuel production and leading to subsidy reductions. Meanwhile, Australia is experiencing a boost in canola harvesting and purchases, with expectations to harvest and export large quantities of the crop.

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

Original content

Despite the decline in oil prices and forecasts of a decline in demand for biofuels in 2025, prices for rapeseed and canola rose sharply on Friday, recovering from the previous week’s decline. Importers in the EU switched from purchases of rapeseed from Ukraine to canola from Canada and Australia. the February futures for rapeseed on the Paris MATIF on Friday rose 1.6% to 539,25 €/t or 568 $/t (+8.5% for the month) amid limited supply from European farmers. November futures for canola on the Winnipeg stock exchange on Monday fell by 6%, but on Friday rose immediately by 3.2% to 647 CAD/t or 460 $/t (+3.5% for the month) due to high exports and the resumption of work of ports after the strike. According to the Statistics Canada, in 2024/25 MY (as of November 10), the country exported 3.36 mln tonnes of canola, which is twice higher than the previous season (1.6 mln tonnes). The US biofuel industry remains under pressure from low biofuel quotas for 2023, 2024 and 2025 set by the ...

Source: UkrAgroConsult