According to the monitoring of SunSirs, the average market price of rapeseed meal was 3,260 RMB/ton on March 13 and 3,232 RMB/ton on March 16, with a decline of 0.86% during the period and down 0.86% compared with that of March 1.
The price of rapeseed meal was mainly weaker this week. According to statistics, Canada's rapeseed output in 2022/2023 was 18.173 million tons, an increase of 32% year on year. Other major producing countries also increased production significantly. The quantity of domestic imported rapeseed was sufficient, the operating rate of oil mills was high, the supply of rapeseed meal was expected to be loose, and the inventory of domestic imported rapeseed meal increased significantly. Aquaculture was in the off-season, with limited demand for rapeseed meal. However, the price difference of soybean and rapeseed meal was large, and the rapeseed meal substitution advantage was obvious. In terms of soybean meal: the spot market of soybean meal was poor, dragging down the market of rapeseed meal.
In terms of soybean meal: according to the monitoring of SunSirs, the average market price of soybean meal was 4,220 RMB/ton on March 13 and 4,194 RMB/ton on March 16, with a decline of 0.62% during the period. The drop in the spot price of soybean meal had a certain negative impact on the market of rapeseed meal.
The supply of rapeseed meal was expected to increase. With the warming of the weather, aquaculture gradually recovered, but the soybean meal market was weaker, which dragged down the market of rapeseed meal. In the short term, the price of rapeseed meal is expected to be weaker.
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