The Grain Industry Association of Western Australia (GIWA) released its August report, lowering the production forecast for Western Australian rapeseed by 50,000 tonnes to 4.3 million tonnes.

Rapeseed is the primary raw material for rapeseed oil, and Western Australia is a major global production region. GIWA’s downward revision of the production forecast has created expectations of a tightening global rapeseed supply, thereby providing support for spot prices. Regarding futures, the Zhengzhou Commodity Exchange’s near-month rapeseed oil contract (2609) closed at 10,510 RMB/tonne on August 14, 2026—an increase of 182 RMB/tonne from the previous trading day. Contracts for more distant months also closed higher across the board, accompanied by a significant rise in open interest; with bullish sentiment prevailing in the market, futures prices are poised to gain upward momentum.

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