Ukraine. New 2023/24 rapeseed season off to an optimistic start

UkrAgroConsult

Article author:

Svitlana Kupreeva

Oilseed Market Analyst

A record rapeseed harvest is expected in 2023. The area planted was a record and the final yield could also reach the maximum. The current forecast for the rapeseed harvest is 4.2 M mt.

The export potential of the market of rapeseed and its processing products also renews the maximum.

The key to achieving such results is not only a large rapeseed harvest and the commissioning of new processing plants, but also highly efficient logistics.

In July, the start of the 20th season, export statistics show a very active export market, which is particularly important in the absence of a grain corridor. Logistics are being redirected to the Danube ports and overland routes through the western borders.

In August, in the conditions of constant attacks on the Danube and Big Odessa Ports, the September rapeseed export contracts are focused on shipments by road and rail.

EU countries remain the key destinations for rapeseed and rapeseed meal, while China is one of the main importers of rapeseed oil.

Key exports destinations, 2023/24

• rapeseed – the share of EU countries decreased in favor of Great Britain, Switzerland and Bangladesh;
• rapeseed oil – the share of EU countries decreased in favor of China and Malaysia;
• rapeseed meal – on the contrary, the share of EU countries reached 95%, the other 5% is export to Vietnam.

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Further development of grain and oilseed market in Ukraine and globally will be discussed at the International Conference ‘BLACK SEA GRAIN & OIL. THE WAY TO RECOVERY’ on September 14 in Kyiv. Join agribusiness professionals to discuss forecasts for the new 2023/24 season, prospects for investments, processing, logistics and exports for the recovery and development of Ukrainian agricultural sector.

Tags: Ukraine, China, EU, UK, rapeseed, rapeseed oil, Bangladesh, Switzerland