The production and export of rapeseed in 2022/23 marketing year in Ukraine became a record. 3,4 million tons of this oil will be shipped to foreign markets, which is 26% higher than last season.

At the moment, the forecast for rapeseed export in 2023/24 marketing year  is optimistic and is about 3,4 million tons. However, the speed and volume may be more wide in time than usual and it will depend on a number of factors.

First, the exclusion in the coming months of the main importers of Ukrainian rapeseed — Romania and Poland — due to the extension of the prohibition on the export of Ukrainian oilseed to 5 EU countries until mid-September. 55% of the total export of this oil in July-May 2022/23 marketing year fell precisely on Romania, Poland, Slovakia, Hungary and Bulgaria. But at the same time, the share of Ukraine increased to 42% in the total import of rapeseed by the European Union.

Besides, expectations of an increase in the production of this oil seed in the EU against the reduce of prices for rapeseed, and the crisis in the biofuel sector also does not add optimism to the Ukrainian market.

Reference source: https://bit.ly/3P4utgy