Despite the floods in the EU and the reduction of sowing areas in Ukraine, rapeseed prices continue to fall

A few days ago, there were heavy rains in the east of Europe, which will delay the sowing of winter rapeseed and may damage some of the crops. Rains also fell in the center and west of Ukraine, which will improve the condition of winter crops and allow additional areas to be sown. But the drought persists on the left bank of Ukraine, and no precipitation is expected in the next 7-10 days. According to the Hydrometeorological Center, more than 70% of the areas planned to be sown with winter crops are affected by drought.

As of September 9, 535,000 hectares (+158,000 hectares per week) were sown with winter rapeseed in Ukraine, which is 41% less than last year. The lack of moisture in the eastern regions will make it possible to sow the planned 1.2 million hectares with rapeseed.

Export purchase prices for rapeseed in Ukraine remain at the level of UAH 22,900-23,200/t or $485-495/t with delivery to Black Sea ports. They are supported by a reduction in offers from producers who are busy harvesting late crops and sowing winter crops.

Quotations continue to fall on world stock exchanges, despite the deterioration of the rapeseed balance for 2024/25 MR and the rise in oil prices.

Leaf rapeseed futures on the Paris MATIF fell 2.1% to €456.5/t or $506.6/t on Friday (-1.6% for the week, -5% for the month).

November canola futures on the Winnipeg exchange fell 3.7% to CAD 542/t or $400/t on Friday (-5.2% for the week, -4.2% for the month) amid possible restrictions on supplies to China.

Heavy rainfall and lower temperatures across the Canadian prairies will delay canola harvest, which could push prices higher this week.