What are the prices for rapeseed in the new season?
Experts Oil World increased the forecast of rapeseed production by the EU countries in the 2017/18 season from 21.8 to 22 million tonnes, and imports of rapeseed to the EU from 3.9 up to 4-4. 1 million tonnes, for that carryover stocks will rise to the highest over the past 5 seasons – 2 mln tonnes
Import of rapeseed in the EU will decline from last year's 4,96 million tons to 4 million tons, the Main suppliers of rapeseed in the EU in the current season are Australia, Ukraine and Canada. Compared 2016/17 MG Australia reduced exports of rapeseed in the EU from 3.12 to 1.82 million tons, Canada – from 0.76 to 0.38 million tons, Ukraine exported to the EU 1.67 million tons of rapeseed.
Crops of winter oilseed rape in the EU are in good condition, which gives the hope of a good harvest and a further reduction in imports of rapeseed in the EU.
In Ukraine favourable for overwintering of winter crops conditions will allow you to get more than 2-2,2 million tons of rapeseed. Domestic producers are already starting to contract the first batch of rapeseed of the new harvest with the European buyers, who are the main consumers of Ukrainian rapeseed.
August quotes of rapeseed on Euronext are traded at 348 €/t due to the strengthening of the Euro corresponds to last year's figure of 435 $/t
Now traders in Ukraine's rapeseed 415-420 $/t delivery port in August, which corresponds to the level of purchase prices in October and November 2017.