MINSK, 8 October (BelTA) – Export prices for products made of processed rapeseed and sugar beet are on the rise at the Belarusian Universal Commodity Exchange (BUCE), the BUCE press service told BelTA.
According to an analytical review released by the BUCE, export prices for products made of processed rapeseed and sugar beet, which are sold via the commodity exchange, continued rising in Q3 2021 while prices for some exports reached record high figures.
Rapeseed oil continues to enjoy strong demand and allows Belarusian exporters to basically set their own prices. For instance, first-grade unrefined food-variety oil was traded at $1,200 per tonne in late June 2021. The price exceeded $1,400 in September 2021. The price has increased by 40% since the beginning of the year. In January-September 2021 the trade volume increased by 1.5 times in physical terms to 40,000 tonnes and by 2.4 times in monetary terms to $48 million.
The heightened demand for Belarusian rapeseed oil in Europe, which buys a lion's share of this product, is the main factor driving the export prices. Europe is traditionally the main target market for selling Belarusian rapeseed oil. The level of prices for these products is determined primarily by demand in this region. The situation is rather favorable for Belarusian exporters because rapeseed harvest in the European Union is expected to be low while the volume of consumption is noticeably higher than last year. There are all reasons to believe that prices for rapeseed oil will continue climbing in Q4 2021, the BUCE press service said.
Export prices for sugar beet pulp have also increased. The export of sugar beet pulp was resumed in Q3 2021. In particular, in September 2021 the prices reached the highest figure on record – €192 per tonne, 1.6 times up from September 2020. Taking into account sales of molasses the total volume of sales of these products has already exceeded last year's total sales by four times and reached 81,000 tonnes. Sugar beet pulp was exported primarily to Lithuania and Netherlands while molasses was exported to Latvia, Lithuania, and Russia. These products are expected to enjoy a high demand in Q4 2021 as well, the BUCE press service added.