Rapeseed Oil Prices Trend in the second quarter of 2023 | ChemAnalyst

Chemanalyst29 Aug, 2023Business

Throughout Q2 2023, rapeseed oil prices in North America mirrored the trends seen in the European market. The downward trajectory of rapeseed oil prices persisted from Q1 2023 until June 2023, signaling an ongoing subdued market sentiment for this oil variant. The market continued to grapple with challenges such as high rapeseed oil stocks in North America, ample supply from European buyers, and Russia's suspension of black sea grain trade. This suspension had a cascading effect on exports from Ukraine, one of the major producers, resulting in reduced supply. Compounded by the sharp decline in crude oil prices and significantly decreased offers for Russian edible oil and grain, the market witnessed a substantial downturn, impacting prices of corn, rapeseed, and other grains.