Ukraine: Rape prices for delivery to Black Sea ports increased by UAH 300-500/t during the week

Published Jul 2, 2024

Tridge summary

The Strategie Grains agency has lowered its 2024 harvest forecasts for EU oil crops, including rapeseed, soybeans, and sunflower, due to unfavorable weather conditions. Continuous rains in northwestern Europe are delaying rapeseed harvesting, but processors have enough old crop stocks. Vegetable oil prices are rising due to a strengthening biofuels market and potential decline in the US soybean crop, supporting canola quotes. Rapeseed futures on the Paris MATIF and canola futures on the Winnipeg exchange have also increased. In Ukraine, rapeseed harvesting has begun, leading to rising purchase prices due to a shortage of supplies.

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

Original content

Against the backdrop of unfavorable weather conditions, the Strategie Grains agency lowered its forecasts for the harvest of oil crops in the EU in 2024, in particular, rapeseed - from 17.94 to 17.8 million tons, soybeans - from 3.04 to 2.99 million tons, sunflower - from 10 .72 to 10.49 million tons. This is reported by analysts of the GrainTrade electronic grain exchange. In northwestern Europe, rains are continuing, delaying rapeseed harvesting, but processors still have sufficient stocks of the old crop. Vegetable oil prices are rising amid a strengthening biofuels market and declining US soybean crop potential, supporting canola quotes. On the Paris MATIF, August rapeseed futures yesterday rose 2.1% to €487.5/t or $523/t (+5.5% for the week), approaching the high reached at the end of May. On the Winnipeg exchange, November canola futures rose 1.8% for the week to CAD 627/t, or $456/t, following gains in Chicago soybean prices, but were held back by improved prairie weather. ...

Source: Agrotimes