Rapeseed prices on stock exchanges and in Ukraine are growing, despite increased harvest forecasts in Canada and Germany

August oil futures rose 14% in one week as Israel’s ongoing open war with Iran and concerns about the closure of the Strait of Hormuz sent canola and rapeseed prices soaring, despite higher production forecasts in Germany and Canada. In Ukraine, this week was spent waiting for the parliament’s decision to introduce a 10% duty on soybean and rapeseed exports from July 1, which could significantly affect the possibility of exports. But so far this initiative has been rejected, so traders have resumed declaring rapeseed prices in hryvnia. During the week, traders increased forward prices for July rapeseed deliveries to Black Sea ports by $5-10/t to $530-535/t or UAH 24,500-24,800/t following the increase in prices on the Paris stock exchange. August rapeseed futures on the Paris stock exchange rose by 1.7% to €500.25/t or $577/t over the week, responding only slightly (only +3.1% per month) to rising oil prices amid favorable weather in the EU. The National Association of ...