Weekly Product Updates

W42: Canola & Rapeseed Update

Crude Canola Oil & Rapeseed Oil
Published Oct 26, 2023

In W42, in the canola landscape, on Monday, October 16, Nov-23 futures on the Paris Stock Exchange declined by USD 0.53 per metric ton (mt) to USD 450.06/mt due to uncertainty in the soybean complex. Prices continued to fall on Tuesday, dropping by USD 6.88/mt to USD 442.38/mt. Wednesday saw mixed price movements, with rapeseed prices increasing to USD 446.89/mt. On Thursday, rapeseed futures fell to USD 437.09/mt, influenced by changes in crude oil prices related to reduced American sanctions on Venezuelan oil and gas. However, on Friday, October 20, rapeseed futures rebounded by USD 4.77/mt to USD 426.50/mt, despite mid-session losses on Euronext, amid favorable trends in the oilseed market and rising crude oil prices.

In the European Union (EU), rapeseed imports during the 2023/24 campaign, from July to October 15, reached 1.23 million metric tons (mmt), showing a 38% decrease compared to the previous year's 1.98 mmt.

In Poland, the sown area for rapeseed in the 2024/25 harvest is estimated at around 950 to 980 thousand hectares (ha), a drop from 1.1 million ha sown in the current year. This reduction is attributed to rapeseed prices considered "unattractive." Overall, the pricing factor may lead to reduced rapeseed cultivation in other EU countries after reaching a five-year high in 2023.

As of mid-October, Ukrainian farmers had planted nearly 4.5 million ha of winter crops. Winter rapeseed sowing is almost complete, with 1.12 million ha already sown. In W41, an additional 13.4 thousand ha of rapeseed were planted. In Ukraine's Khmelnytskyi region, as of October 13, rapeseed was sown on over 82 thousand ha, reaching a planting rate of 97%.

Rapeseed oil exports from Tomsk Oblast, Russia, to China surged by nearly 50% year-on-year (YoY) in 2023. Since the beginning of the year, Tomsk Oblast has exported 24,603 mt of rapeseed oil to China. These exports have met China's phytosanitary requirements and passed phytosanitary inspections.

In Belarus, a total of 8.6 mmt of grain, including rapeseed, has been harvested. As of October 16, 8601.9 thousand mt of grain, including rapeseed, were threshed, with 7561.1 thousand mt being grains and leguminous crops (including corn).

Lastly, several interstate agreements were signed during negotiations between the leaders of Kazakhstan and China in Beijing. One of these agreements involves the Ministry of Agriculture of Kazakhstan signing a protocol with the General Administration of Customs of China regarding the phytosanitary requirements for exporting rapeseed from Kazakhstan to China. This agreement aims to facilitate rapeseed exports between the two countries.

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