Flaxseed Prices in Poland Has Fallen by 5% MoM on Higher Supply

The wholesale price of flaxseed in Poland has gradually decreased by 5% month-on-month (MoM) to USD 1.26 per kilogram (kg) in the first week of Oct-23. The downward price trend of flaxseed in Poland is due to a higher international supply of flaxseed.
The wholesale price of flaxseed in Poland has gradually decreased by 5% month-on-month (MoM) to USD 1.26 per kilogram (kg) in the first week of Oct-23. The downward price trend of flaxseed in Poland is due to a higher international supply of flaxseed. Between Jan-23 and Jul-23, Russian flaxseed exports hit a record high, reaching 900,000 metric tons (mt), a 60% year-on-year (YoY) increase compared to the same period last year. Poland, being one of the key importers of Russian flaxseed, imported 42,000 mt of flaxseed during the first seven months of 2023, representing a significant 200% YoY increase. It is worth noting that Kazakhstan is Poland's primary source of flaxseed supply. However, due to a scarcity of supply in Kazakhstan, Poland has sought alternative markets, primarily turning to Russia, to fill the gap in its domestic market. The global production of flaxseed for the marketing year (MY) 2023/24 is anticipated will decline by 17% YoY, with a total output of 3 million metric tons (mmt). This reduction is attributed to decreased production of flaxseed in Canada, Russia, and Kazakhstan, as local farmers have shifted to growing more profitable oilseed crops The diminishing prospects for global flaxseed production in MY 2023/24 are expected to result in a supply shortfall in the global market. Consequently, the price of flaxseed in Poland is estimated will rebound in the coming months.