Mumbai, 16 Sep (Commoditiescontrol): Despite adverse weather conditions across the European Union and reduced sowing areas in Ukraine, global rapeseed prices continue to trend downward. In Eastern Europe, extensive rainfall may pose challenges for the timely sowing of winter rapeseed and risk damaging existing crops. Conversely, in central and western Ukraine, recent rains could potentially improve conditions. However, persistent drought conditions on the left bank of Ukraine threaten over 70% of the designated areas for winter crops, with no precipitation expected in the upcoming week.
As of September 9, Ukraine reported that only 535,000 hectares of winter rapeseed have been sown, marking a 41% decrease compared to the previous year, primarily due to persistent dry weather in the eastern regions. Despite these challenges, which typically would suggest a tightening supply, global rapeseed prices have paradoxically fallen tracking weak trends in other veg oils. Meanwhile, in Canada, anticipated delays in the canola harvest, driven by unfavourable weather, may exert upward pressure on prices in the short term.
(By Commoditiescontrol Bureau; +91-9820130172)
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