Ukraine expected to produce all-time high of 4.2 mln tonnes of rapeseed in 2023 - analysts

MOSCOW. Aug 23 (Interfax) - Rapeseed production in Ukraine could reach a new all-time high of 4.2 million tonnes this season, which would be 5% higher than the preliminary estimate and 17% more year-on-year, Ukrainian media reported, citing the APK-Inform analytical agency.

"Growth in the potential of the gross harvest of oilseed crops is owing to expanding the sown area to around 1.5 million hectares, an increase of 3% year-on-year. This, in turn, was owing to the attractive price environment of the rapeseed market last autumn amid the general decline in prices for agricultural crops in Ukraine, particularly for grains," APK-Inform said.

APK-Inform notes that the weather conditions during the growing season and ripening season had an overall positive effect on the rapeseed yield, which is estimated at 28.8 centners per hectare, or 5% higher than previously forecast and 3% more than last season.

According to APK-Inform's updated outlook, rapeseed exports should total around 3.8 million tonnes in the 2023-2024 agricultural year, or 4% higher than the previous forecast and 10% more year-on-year.

"The shipment of oilseeds in the current season remains complicated, and will most likely be extended further compared to the traditional timeframes for the sale of oilseeds on foreign markets in previous seasons," APK-Inform notes.

Exports of Ukrainian rapeseed remain banned to Poland, Romania, Bulgaria, Slovakia, and Hungary. According to APK-Inform, the ban will be extended after September 15.