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SunSirs: Positive Support, China Domestic Rapeseed Rose in March
March 28 2024 15:12:30SunSirs(Selena)

According to the monitoring of the commodity market analysis system of SunSirs, the price of domestic rapeseed continued to rise in March. On March 1st, the average market price of domestic rapeseed was 6,020 RMB/ton, and on March 27th, the average market price of domestic rapeseed was 6,152 RMB/ton, an increase of 2.19%. Affected by freezing rain and blizzard weather, there are expectations of reduced production of domestically produced new season rapeseed, supporting the market's rise. As time goes by, the supply of domestic rapeseed gradually decreases, and the market is bullish. In addition, the domestic rapeseed oil and meal prices continued to rise in the first three weeks of March, boosting the rapeseed market. As the end of the month approaches, the market for rapeseed oil and meal is weak and declining, weakening its support for domestic rapeseed. Affected by the impact of imported rapeseed, the upward adjustment space for domestic rapeseed is limited.

The positive support brought by concerns about reduced production of new season rapeseed due to weather factors is gradually being digested; The rapeseed market is in a low demand season; In addition, as imported rapeseed continues to arrive in Hong Kong, it is expected that domestic rapeseed will remain stable, with limited upward space.


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