In 2023-2024 marketing year, Ukraine processed 1.0 mln tonnes of rapeseed, which was 22.3% of the 2023 harvest, despite the fact that rapeseed is considered to be mainly export-oriented agricultural raw material, reports the association Ukroliyaprom.
“The export of rapeseed oil in July-June of 2023/24 MY reached the record level of over 420 thsd tonnes. Ukrainian rapeseed oil is confidently entering the markets of China, EU countries, Malaysia, Singapore and other countries. Positive dynamics is also observed in rapeseed meal,” the analysts said.
Experts pointed out the continued growth of soybean and meal exports, and, accordingly, their production and processing, especially in January-June 2024.
“The growth of domestic processing of seeds and soybeans, as well as a significant increase in exports of high value-added products, namely oil and meal, confirms the position of the Association on the need to create conditions for maximum processing of oilseeds at domestic facilities. Further development of the oil and fat industry of Ukraine is envisaged not so much in increasing the processing of sunflower seeds as in such oilseeds as soybeans and rapeseed, which are still considered export-oriented,” Ukroliyamprom emphasized and expressed hope for the support of the Ministry of Agrarian Policy and Food and the Ministry of Economy.
At the same time, the industry association is skeptical about the prospects for the oilseed harvest in the 2024 season in Ukraine. Experts noted that the oilseed market participants have different forecasts. Most of the players expect an increase in soybean production and a decrease in rapeseed production.
The production of sunflower seeds and oilseeds in general will be almost the same as in 2023/24 MY. However, the abnormal heat can significantly adjust all the forecasts, the industry association stated.
