If not for the tariffs, prices would hit US$600/t: market reacts to rapeseed export duties

After the Ukrainian Parliament passed the so-called "soy and rapeseed amendments," processors are attempting to lower their purchase prices for rapeseed, anticipating that part of the crop will not be exported in time, Anton Zhemerdieiev, Chief Commercial Officer at TAS Agro, told Latifundist.com.

According to him, on Tuesday, processors were offering UAH 25,000 per ton for rapeseed, but following the introduction of export duties on rapeseed and soybeans, prices dropped to UAH 22,500 per ton.

“If it weren’t for these swings caused by the rapeseed amendments, the market would be going crazy. We would have seen $600 today,” Zhemerdieiev said.

He also noted that this year’s rapeseed yields are historically low, so the market should have been much more active.

As for soybeans, the market remains stable, as the season has not yet begun, Zhemerdieiev added.

According to GrainTrade, rapeseed prices in hryvnia have fallen to UAH 23,900–24,500 per ton. Dollar-denominated prices remain unchanged at $535–540 per ton.

“Analysts believe the duty will not stop exports but will instead shift them to foreign currency contracts. The main negative impact will be on small farmers who are unable to export independently,” the message reads.