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SunSirs: Positive Boost, Rapeseed Oil Prices Continue to Rise

June 19 2020 09:14:27     SunSirs (Linda)

1. Chart of price trend of rapeseed oil market

According to SunSirs monitoring, the average domestic rapeseed oil price was 7,950 yuan/ton on June 17, and the average rapeseed oil price was 7,477 yuan/ton on May 1, up 6.15%. On June 17, 8,220 yuan/ton in Chengdu, Sichuan, 7,810 yuan/ton in Dongguan, Guangdong, 7,870 yuan/ton in Fangcheng, Guangxi, and 7,950 yuan/ton in Zhangjiagang, Jiangsu.

2. Market analysis  

On May 28, the Chinese rapeseed oil market price increased significantly, the price rose by 3.91% from the previous day. The price in Chengdu, Sichuan was 7,870 yuan/ton, the price in Fangcheng, Guangxi was 7,700 yuan/ton, and the price in Dongguan, Guangdong was 7,650 yuan/ton. . Mainly affected by the Meng Wanzhou incident, Sino-Canadian relations have become more tense, and the number of imported rapeseeds will be reduced. In the later period, the supply of rapeseed oil will be tight, which will support the surge in rapeseed oil spot prices.

The main rapeseed producing countries in the world are Canada and the European Union. The production of rapeseed in the two major producing regions declined in 2019/2020, and the supply of imported rapeseeds tightened, boosting the price of rapeseed oil. Canada is the first choice for my country's rapeseed importers.

In 2019, China Customs has quarantined harmful organisms from Canadian rapeseed, and canceled the export licenses of three Canadian rapeseed companies. China's total imports of rapeseeds decreased in 2019. According to customs data, China's total imports of rapeseeds were 2.737 million tons in 2019, while the number of rapeseeds in Canada was about 2.36 million tons, and that in Russia was about 190,000 tons. The volume was 4.756 million tons, of which about 4.44 million tons were imported from Canada. In 2017, my country imported 4,747,100 tons of rapeseed.

3. Future market forecast  

The price of rapeseed oil was affected by China-Canada relations on May 28. The quantity of imported rapeseeds tightened in the later period, which stimulated the rising prices of rapeseed oil. Summer is the low season for oil and fat consumption, coupled with rising rapeseed oil prices and concerns about high prices, limited transactions, SunSirs rapeseed oil analysts predict that rapeseed oil prices are affected by tight raw materials, prices tend to rise.

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