As of June 12, rapeseed inventories at major coastal oil plants stood at 360,000 tonnes, a decrease of 76,000 tonnes from the previous week.

The tightening of raw material supplies is expected to lead to a subsequent drop in rapeseed crushing volumes and a contraction in rapeseed meal supply, providing moderate support for spot prices. Regarding futures, the benchmark rapeseed meal contract (2609) on the Zhengzhou Commodity Exchange (ZCE) closed at 2,262 RMB/tonne on June 15, up 9 RMB/tonne from the previous trading day; supported by supply-side factors, futures prices are likely to maintain a firm trend.

With the significant week-on-week decline in rapeseed inventories, expectations for rapeseed oil output have also been scaled back; this supply-side tightening offers moderate support for rapeseed oil spot prices. Although ZCE rapeseed oil futures closed slightly lower on June 15, strong support from supply-side factors limits the potential for further downside.

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