The price of the 2024 rapeseed crop should make farmers more optimistic than last year. One reason for this expectation is the recent surge in rapeseed buying prices on the „Euronext“ and „ICE Commodities“ exchanges. While the momentary price increase will still be corrected, this year's buying prices should be higher than last year due to global reasons.

The rise in the price of rice is highlighted by analysts at French banking group „Credit-Agricole“. They say that in the US alone, the rapeseed harvest is forecast to be 100,000 tonnes lower this year compared to last year.

The European Union, for its part, will produce 5% less rapeseed than last year, while Ukraine will produce as much as 16% less.  

„Euronext“ exchange data show that the price of rapeseed futures for August ranges between 481 and 470 €/t, while the price for November ending is 488-477 €/t.

Poland's „Agrifakt“ forecasts that a tonne of rapeseed for the 2024 harvest will cost around €486 at the end of this year and as much as €520 by the end of 2025.

Currently, Polish grain buyers are offering farmers between €413 and €477 per tonne for oilseed rape, while the price for the new crop is between €428 and €454 per tonne.

According to data from the Agricultural Data Centre, Lithuanian grain buyers paid an average of €451.77/t for oilseed rape at the end of June & beginning of July 2023. Only some market participants have yet announced the purchase price for the new harvest.

For example, „Agrochema“ announces that it would buy the new rapeseed crop at EUR 459/t, while UAB „Asuma“ would pay EUR 480/t. Of course, these are conditional prices.