SunSirs: China's Rapeseed Oil Prices Rose Last Week (Sep.14-18)
September 22 2020 08:15:39 SunSirs (Linda)
1. Rapeseed oil market price trend
According to the monitoring of SunSirs, the average price of rapeseed oil at the beginning of last week was 9,245 yuan/ton, and the average price on weekends was 9,605 yuan/ton, an increase of 3.89%.
2. Market analysis
On September 18, the Guangdong and Guangxi regions offered 9,600 yuan/ton, the Anhui region offered 9,600 yuan/ton, and the Sichuan region offered 10,120 yuan/ton. The price of vegetable oil rose sharply over the weekend, mainly due to the rise in the price of US soybeans, which boosted the spot price of oil. The second half of the year is the peak season for oil and fat consumption, and double-season stocking is boosted, and rape oil prices continue to rise.
In terms of domestic rapeseed, as of August 31, the main production area of rapeseed had purchased a total of 795,000 tons, a year-on-year decrease of 83,000 tons, and the amount of rapeseed purchased decreased. In terms of imported rapeseed, my country’s imports of rapeseed from Canada have decreased. According to monitoring, from January to July, my country’s rapeseed imports were 1,766,500 tons, a decrease of 13.46% from the same period last year, but the amount of imported rapeseed has increased compared with previous years; Seed output fell short of expectations, boosting the price of rapeseed oil.
According to SunSirs monitoring, soybean oil rose 6.62% last week; palm oil rose 5.88% last week.
3. Outlook
Affected by the boost in demand, SunSirs rapeseed oil analysts predict that rapeseed oil prices may continue to run at a high level.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.
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