Rising rapeseed prices lifted exports from Ukraine by 15 percent in July

Published Aug 5, 2024

Tridge summary

Ukraine's rapeseed exports in July increased by 15% compared to the same month last season, reaching 278 thousand tons, the highest in the last five years, as per APK-Inform. This growth is attributed to earlier harvesting and attractive prices, which hit their highest since July 2021. Despite the slight decrease in prices at the start of August, the moderate trading activity is due to the increase in canola oil prices and the reluctance of farmers to sell. The European Commission has also reduced its forecast for the rape crop in the EU by 500 thousand tons.

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

Original content

The export of rapeseed from Ukraine in July, the first month of the new season 2024-2025, increased by 15% compared to the same month of the last season to 278 thousand tons, according to operational data of analysts of the electronic publication APK-Inform. This is also the strongest result for rapeseed sold in the country in the specified month in the last 5 years, experts point out. As a prerequisite for the growth, they point to the earlier harvesting of oil crops in Ukraine and attractive asking prices. Last week, prices hit their highest level since July 2021 at $490-$510 per ton on a CPT basis (freight paid) to port, while the devaluation of the Ukrainian hryvnia against the US dollar saw them reach an all-time high in hryvnias of 23 500 - 23,800. At the end of July last year, the asking prices for rapeseed in the ports of Ukraine were in the range of 360-380 dollars per ton and 14,000 - 15,000 hryvnias based on CRT. As of August 1, however, canola delivered to port fell ...

Source: Sinor