Agrarian Council, Ukraine's biggest agribusiness organization, announced late Tuesday that export prices for Ukrainian rapeseed harvesting in 2024 will increase to at least 500 Euros ($536.50 per metric ton) by October. The current price is 425 Euros.

Ukraine is one of the largest producers of rapeseed, and exports most of its harvest to European consumers.

The price will rise in the long run. In October and November, we can expect the price to rise to at least 500 Euros per tonne," said the council in a press release.

It said that "for farmers who have not been able to lock in the current prices, it might make sense to delay sales until September or October to sell rapeseed later at a higher price."

Ukraine has started harvesting its 2024 crop. The?ouncil estimates that the total amount could reach up to 4.2 millions tons, with up to 600,000.00 tons of it being processed in-house.

Analyst APK-Inform predicts a rapeseed output of 4.3 million tonnes in 2024, while the agriculture ministry expects a crop of around 4 million ton.

APK-Inform reported that Ukraine exported 3.7 million tonnes of rapeseed between 2023 and 2024. ($1 = 0.9322 euros) (Reporting and editing by Louise Heavens, Pavel Polityuk)