On Wednesday, ICE rapeseed futures rallied sharply, with the benchmark contract closing 3.04% higher—marking a one-month high—driven by gains in international crude oil and Chicago soybean oil markets.

The significant 3.04% rise in ICE rapeseed futures provides cost-side support for domestic rapeseed meal prices, given that rapeseed serves as the upstream raw material. The domestic rapeseed meal benchmark contract (2609) closed at 2,305 RMB/tonne on July 8, 2026; with robust open interest, the price is likely to maintain a firm trend in the short term.

The surge in ICE rapeseed, coupled with rising soybean oil prices in overseas markets, has driven up upstream raw material costs and created a synergistic boost across the vegetable oil sector, benefiting domestic rapeseed oil prices. The domestic rapeseed oil benchmark contract (2609) closed at 9,844 RMB/tonne on July 8, 2026, showing high trading activity and a bullish short-term outlook.

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