Analysis Rapeseed oil

Concerns about harvest drive up price of rapeseed oil

June 17, 2024 - Klaas van der Horst

Rapeseed oil has risen in price significantly in recent weeks, although a cautious cooling is now visible. The driving force behind the rising prices is the concern about the European rapeseed harvest, due to the cold and wet spring.

Rapeseed oil (canola oil) has been more expensive than palm oil in Rotterdam since the end of April and is also more expensive than soybean oil. Sunflower oil is cheaper from the port in Ukraine, but from the port in Rotterdam, sunflower oil is more expensive.

The prices of edible oil fluctuate along with mineral oil prices, but they also have their own dynamics. Soybean oil became slightly cheaper due to an expected good availability, while palm oil is slightly increasing due to some concerns about its availability.

The price of rapeseed oil benefits from the bad weather in the EU.

Rapeseed oil is the largest edible oil produced within the EU itself, both for human consumption and other purposes. It is also the main source for the production of biofuels.

No deforestation
Rapeseed oil does not carry the label of a product that comes to market thanks to large-scale deforestation. However, it does not have all the same properties as palm oil and therefore is not a substitute for it.

Klaas van der Horst

Klaas van der Horst is a senior market specialist in dairy at DCA Market Intelligence. He also closely monitors developments in politics and agricultural policy.
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Analysis Rapeseed oil

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