Rapeseed production in Ukraine estimated to be 40 lakh tonnes

09-Aug-2024 08:47 PM

Kiev. The new marketing season of oilseed-oil has started in Ukraine, a country located in the Black Sea region.

During the current season of 2024-25, the production of rapeseed there is estimated to be close to 40 lakh tonnes.

In July 2024, 2.78 lakh tonnes of rapeseed was exported from Ukraine, which was 15 percent more than last year.

According to trade analysts, its shipment is expected to increase and cross the limit of 6-7 lakh tonnes in the two months of July-August.

At present, the export offer price of this important oilseed is running around $ 485 per tonne. According to industry analysts, due to the high price of rapeseed and the weak demand and price of rapeseed oil, the margin of crushers-processors has become negative,

so they have temporarily postponed the purchase of this oilseed. Although China remains the major buyer of Ukrainian rapeseed, its importers now want to buy it at a lower price and are therefore pressuring exporters to reduce the price.

Critics say that Ukraine will have to reduce the price of rapeseed to increase exports. Its price in the domestic sector is running at 23,000 UAH (currency) per tonne while the price of sunflower is being reported to be 25,000 UAH per tonne.

Importers from Egypt may also show interest in buying it because the price of oilseeds and oil has gone up there.

The price of soybean refined oil has increased to $1050 per tonne. The contract for advance sale of vegetable oil from Ukraine is decreasing very much.

Normal business is being seen in edible oil from Russia to India. Due to the outstanding stock of sunflower there, its oil is being exported but the pace of shipment of rapeseed and its oil is somewhat slow.