SunSirs: Domestic Rapeseed Was Weaker, with Limited Falling Space
March 17 2023 13:06:42 SunSirs (John)
Price trend
According to the monitoring of SunSirs, the average market price of domestic rapeseed on March 13 was 7,360 RMB/ton, and the average market price of domestic rapeseed on March 16 was 7,292 RMB/ton. During the period, the quotation fell 0.92%, and down 1.46% compared to March 1.
Analysis review
Rapeseed prices had been falling since March. The supply of domestic rapeseed market was gradually decreasing, which formed a bottom support for the price of rapeseed. Recently, the enthusiasm of downstream procurement was not high, the market demand was weak, the traders were slow to ship goods, and the quotation was weak. This week, the focus of rapeseed oil prices continued to move downward, depressing the rapeseed market.
On March 15, the Canadian rapeseed futures on the InterContinental Exchange (ICE) fell for the ninth consecutive trading day, with the benchmark period closing down by about 0.9%. As of the closing date, May futures contracts closed down by Canada Dollars 6.60 Canada Dollars at 751 Canada Dollars /ton; July futures contracts closed down 7.50 Canada Dollars at 747.60 Canada Dollars per ton; November futures contracts closed down 6.50 Canada Dollars at 729.40 Canada Dollars per ton.
Market outlook
The new season rapeseed is expected to be intensively listed in May and June. In the short term, rapeseed analysts from SunSirs predict that domestic rapeseed may be mainly weaker in operation, with limited downside space.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.
- 2024-04-26 SunSirs: Weakness and Decline in China Domestic Rapeseed Prices
- 2024-04-23 SunSirs: China Domestic Rapeseed Prices Declined (April 15-19)
- 2024-04-15 SunSirs: China Domestic Rapeseed Prices Remain Stable Last week (4.7-4.12)
- 2024-04-09 SunSirs: China Actual Shipment of Imported Rapeseed was 330,600 tons during March 16-31, 2024
- 2024-04-09 SunSirs: CGC Data Shows that approximately 420,000 tons Rapeseed Delivered by Farmers as The Week Ending March 31st
