Prices for Ukrainian rapeseed up by 8-9 euros per tonne this week, but will soon stabilize - analysts

MOSCOW. April 24 (Interfax) - Rapeseed prices have increased sharply on the Ukrainian market this week, adding 8-9 euros per tonne, but the prices will soon stabilize, Ukrainian media said, citing information from an analytical briefing of the Ukrainian Agri Council's First Ukrainian Agricultural Cooperative.

"In April, the notional prices for rapeseed has been about 450 euros per tonne, but at the beginning of this week they rose sharply by 8-9 euros per tonne. Such changes are a manifestation of strong market volatility, but probably the prices will not exceed 460 euros per tonne and will further stabilize," analysts said.

Ukraine exported 119,900 tonnes of rapeseed in April 2024, they said. Rapeseed exports to foreign markets are slow as Ukraine is now selling what has been left of the previous harvest. Exports will be minimal in May-June. The new harvest is more liquid. More than 300,000 tonnes of the new oilseed harvest have already been sold for delivery in July and August. There is significant demand from Germany. The upcoming rapeseed season will be successful for Ukraine, the analysts said.

"Under the worst-case scenario, Ukraine will harvest at least 3.5 million tonnes of rapeseed in 2024. According to the forecasts of the Agrarian Policy Ministry, the gross harvest of oilseeds will be at 4.1 million tonnes. Production is expected to decline in the EU this year, so Ukrainian rapeseed has good prospects," they said.