Ukraine increases rapeseed exports 15% yoy in July - analysts

MOSCOW. Aug 2 (Interfax) - Ukraine increased rapeseed exports 15% year-on-year in the first month of the marketing year 2024/2025 (July-June) due to earlier harvesting and better legume prices, Ukrainian media said, citing the APK-Inform information analysis agency.

Ukraine exported about 278,000 tonnes of rapeseed in July 2024, versus 242,000 in July 2023, the analysts said, adding it was the highest amount for July in the last five years.

"In general, the Ukrainian rapeseed market has seen fairly moderate trading rates since the beginning of July, which is due to the restraint of raw material sales against the backdrop of predominantly rising oil prices over the past few months. Given the pessimistic forecasts and repeated downward revaluation of rapeseed production in Ukraine and Europe in 2024, most producers who do not yet have supply contracts expect to sell their raw materials later," the analysts said.

In their words, demand prices for Ukrainian rapeseed reached their maximum since July 2021 and amounted to $490-510 per tonne CPT-port last week on the export market, while hryvnia CPT-port prices hit an all-time high of 23,500-23,800 hryvni per tonne due to the hryvnia depreciation against the dollar.

As of August 1, Ukrainian rapeseed prices decreased slightly and mainly kept within the range of $475-490 per tonne on CPT-port terms.

Demand prices for rapeseed in ports averaged $360-380 per tonnes, or 14,000-15,600 hryvni per tonne CRT-port, at the end of July 2023, APK-Inform said.