Rapeseed price stabilization: favorable prospects for Ukrainian producers in 2024.

Recently, the rapeseed market in Ukraine has been very volatile, and therefore the sharp rise in oilseed prices last week is likely to stabilize soon. Analysts of the cooperative PUSK, created within the framework of the All-Ukrainian Agrarian Council, expressed this assumption during a briefing on April 23, as reported by the VAA press service.

"In April, conditional prices for rapeseed were approximately 450 euros per ton, but at the beginning of this week they sharply increased by 8-9 euros per ton. These changes are a manifestation of the strong market volatility, and are likely not to exceed the mark of 460 euros per ton and then stabilize," the analysts believe.

They also added that since the beginning of April, Ukraine has exported 119.9 thousand tons of rapeseed. Exports are proceeding at a slow pace as the remains of last year's crop are being realized. Therefore, export shipments in May-June will be very low.

"The new crop is more in demand. According to traders' estimates, 300 thousand tons of oilseed from the new crop have already been sold for delivery in July-August. There is a high demand from Germany," the message says.

According to analysts, the upcoming rapeseed season will be generally successful for Ukraine.

"Under the most unfavorable scenario, Ukraine will harvest no less than 3.5 million tons of rapeseed in 2024. According to the Ministry of Agrarian Policy forecasts, the total oilseed harvest will be about 4.1 million tons. Production in the EU is expected to decrease this year, so Ukrainian rapeseed has brilliant prospects ahead," they explained.