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Rapeseed: Fierce competition

January 20, 2017 at 9:20 AM , Der AUDITOR
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SOFIA. With demand soaring the farmers in Bulgaria had reason to celebrate last year. The question, however, is if the country will prove an equally fierce competitor in the international market this year.

According to the Ministry of Agriculture exports of rapeseed stood at 490,771 mt by the end of 2016. Domestic production stood at 493,157 mt and the carry-over stocks amounted to 70,000 mt. The country mainly exports to countries of the European Union, such as Belgium, Germany, and France because internal consumption is limited. By the end of the year about 64,470 mt remained to be sold. But the farmers are optimistic that the majority will be exported. Exports considerably increased last year. By the middle of December 2016, exports via Varna seaport stood at 216,457 mt, which is about 208% higher than exports in December 2015.

A stronger year, better prospects
Because of the strong international demand, farmers have decided to invest more in the cultivation of rapeseed. Sowing acreage has consequently increased to 185,717 ha, which is 11% more than last year. They expect the demand for the crop to grow in 2017-18.

What to expect in the realm of prices?
The prices will depend on current availabilities. According to the US Department of Agriculture, the 2016-17 production has fallen in the European Union, in particular in the Ukraine, where bad weather conditions impacted sowing. This situation should deplete the carry-over for the next season.

Although its price has generally fluctuated around that of Ukraine, 2016 was closed by a price of 0.363 EUR/kg while now Bulgarian rapeseed is traded for 0.368 EUR/kg.

 

Rapeseed, Bulgaria

Crop

EUR/kg

rapeseed

0.368

CPT domestic port

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