Business news from Ukraine

Ukraine will be able to harvest more than 4 mln tons of rapeseed – forecast

16 May , 2024  

Ukraine will be able to harvest more than 4 mln tonnes of rapeseed in the season-2024, UkrAgroConsult analytical agency forecasts.

“The State Statistics Service released the official data on the rapeseed harvest in 2023 – 4.2 mln tonnes (+26% compared to 2022/2023 MY), but the export and domestic processing rates prove that the official statistics need to be reassessed,” the analysts said.

They reminded that the export of rapeseed and processed products continues to be at the record pace even in the last months of the season. During the 10 months of the season, the country exported 3586.2 thsd tonnes of rapeseed (+5% compared to 2022/23 MY), 134.1 thsd tonnes in April; 406.1 thsd tonnes of rapeseed oil; 351.9 thsd tonnes of rapeseed meal.

Experts believe that the 2024 rapeseed harvest can also be forecasted on the basis of the revised estimates, according to which it may reach more than 4 mln tonnes.

“Weather remains the key factor in the yield formation. The impact of the cold wave and night frosts on the soil in early May is yet to be assessed, so in the future, the forecast of rapeseed harvest may be reduced,” UkrAgroConsult said.