As of June 26, rapeseed inventories at major coastal oil plants stood at 371,000 tons, a decrease of 29,000 tons from the previous week.

The drop in raw material inventories—down 29,000 tons week-on-week to 371,000 tons—is expected to constrain subsequent rapeseed crushing volumes. Anticipated tightening in rapeseed meal supplies is providing support to spot prices. On July 1, the benchmark rapeseed meal futures contract (2609) on the Zhengzhou Commodity Exchange (ZCE) closed at 2,268 RMB/ton, down 13 RMB/ton from the previous trading day, with an open interest of 814,058 lots; expectations of supply contraction are offering bullish support to futures prices.

The decline in rapeseed inventories at major coastal plants suggests that future crushing constraints will lead to a contraction in rapeseed oil supplies, benefiting spot prices. On July 1, the benchmark rapeseed oil futures contract (2609) on the ZCE closed at 9,588 RMB/ton, down 114 RMB/ton from the previous trading day, with an open interest of 235,643 lots; expectations of supply contraction are providing some support to futures prices.

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