MINSK, 11 February (BelTA) – All prerequisites are in place for the growth of export prices for Belarusian rapeseed oil. This is evidenced by the supply and demand dynamics on the Belarusian Universal Commodity Exchange (BUCE) and the global market trends, BUCE spokesman Roman Yaniv told BelTA.
Rapeseed oil once again topped the three most popular goods in the agricultural section sold abroad via the Belarusian Universal Commodity Exchange. In January 2022, the share of this commodity accounted for 46% of the total volume of exports of agricultural products via BUCE.
Despite some price fluctuations in the first decade of January, the prices for rapeseed oil remained stable and in the first days of February practically returned to the values of the end of December 2021. For the time being, foreign buyers pay an average of €1,250 for one tonne of unrefined rapeseed oil, grade P. However, according to BUCE analysts, under the influence of the external situation, export prices may increase in the coming weeks.
"Main consumers of Belarusian rapeseed oil are European countries. Due to a low rapeseed harvest last year, the largest producers such as Great Britain, Germany and France had a significant shortage of raw materials. As a result, prices almost doubled, which Belarusian companies took advantage of, increasing export supplies via BUCE to almost 54,000 tonnes. This year, the situation may repeat itself. For example, we see an increase in demand for rapeseed oil from bidders from Lithuania, Switzerland and Estonia. In many respects, this is facilitated by record high oil prices and the environmental policy of the European Union, aimed at expanding the use of alternative fuels and, in particular, biodiesel, which is produced using unrefined rapeseed oil. In addition, due to flooding in Malaysia, which destroyed part of the palm plantations, palm oil began to rise in prices, driving up prices for other vegetable oils. All this has an impact on the Belarusian exchange market ," the press service said.
The public joint-stock company (OAO) Belarusian Universal Commodity Exchange was established in 2004. The first trade sessions took place in June 2005. BUCE is one of the largest mercantile exchanges in Eastern Europe. Its key function is to assist Belarusian companies with exporting their products and assist foreign companies with entering the Belarusian market. The commodity exchange facilitates trade in metals, timber, agricultural products, and a broad choice of industrial and consumer goods.
