Ukraine is running out of stocks of the old rapeseed crop, and there is almost no trade. Nevertheless, European countries are showing growing interest in the new harvest of the Ukrainian oilseed.

This was discussed on March 5 during the analytical briefing of the First Ukrainian Agricultural Cooperative (FUAC), created within the UAC.

"As of March 5, the stocks of old-crop rapeseed in Ukraine amounted to about 126,000 tons, i.e. the oilseed is actually sold out. Indicatively, the prices for last year's rapeseed in Ukrainian seaports are at the level of: 15,500-16,000 UAH/t on CPT terms, in Constanta CPT - USD375-385," said the FUAC.

However, the interest of the European buyers to the Ukrainian rapeseed of 2024 harvest is growing.

"The EU countries are expecting a reduction of rapeseed in the new season. Due to heavy precipitation in the fall, many farmers failed to sow in time. The drop in the European oilseed harvest could be 12%. European processors risk a shortage of raw materials, so there is already demand for the future harvest of Ukrainian oilseeds for delivery in August-September 2024. The prices on DAP Germany are offered at 405-415 EUR per ton," the analysts said.

The prices for Ukrainian rapeseed forwards may increase even more in the coming months.

"In March-April, prices for forward contracts for rapeseed tend to rise. In these months, we get more accurate information on the winterized areas of winter rapeseed and adjust the harvest predictions. That means, prices for oilseed forwards in March-April may rise by another 20-30 EUR per ton, which may encourage Ukrainian producers to conclude contracts with European buyers for the next harvest," summarized the FUAC.