Prices for rapeseed continue to rise
According to the Association of German farmers (DBV), for the "catastrophic impact of the drought, the harvest of rapeseed in Germany in comparison with last year will decline by 24% to 3.3 million tons.
For the compensation of damages, the Association asks for 1 billion euros of financial assistance ($1.2 billion), but the government first decided to wait for a report about the harvest the Ministry of agriculture, which will be released in late August.
On this news, the November canola futures on Euronext rose by 2.25 €/t to 379,5 €/t. However, the dollar price remains at 441 $/t due to the depreciation of the Euro, with up to 1,174 1,162 $I.
In Ukraine as of August 1 943 thousand hectares or 97% of the area harvested 2.4 million tonnes of winter rapeseed with a yield of 2.59 t/ha, and 21% of the area collected 20,9 thousand tons of spring rapeseed with a yield of 1.87 t/ha. Forecast domestic exports of rape remains at the level of 2.2 million tons.
Due to the increasing number of processing enterprises in Ukraine in the new season, the volumes of rapeseed processing can increase up to 250-300 thousand tons against 190 THD. MT in the season 2017/18 MG.
the Purchase price of rapeseed in Ukraine increased at the port to 420-425 $/t or 13100-13300 UAH/t, and processors of the plant to 12800-13300 UAH/t