SunSirs: Domestic Rapeseed Prices Fell (March 20-24)
March 28 2023 10:41:43 SunSirs (John)
Price trend
According to the monitoring of SunSirs, the average market price of domestic rapeseed on March 20 was 7,292 RMB/ton, and the average market price of domestic rapeseed on March 24 was 7,232 RMB/ton. During the period, the quotation fell 0.82%, and down 2.27% compared to March 1.
Analysis review
The supply of domestic rapeseed in the market was gradually decreasing, providing a bottom support for rapeseed prices. Recently, downstream procurement enthusiasm was not high, market demand was weak, traders were slow to ship, and quotations were weak. Some traders' quotations were firm. New domestic rapeseed will be listed in succession around May, and the domestic rapeseed market has a tight supply of goods. Before the new rapeseed is listed, domestic rapeseed has a strong resistance to decline.
Canadian rapeseed futures on the Inter Continental Exchange (ICE) closed higher on March 23, with benchmark futures contracts closing 2.1% higher. After two weeks of decline, the rapeseed market rebounded strongly on March 23. As of the closing date, May futures contracts closed higher by 15.20 Canadian dollars at 735.20 Canadian dollars per ton; July futures contracts closed higher by 12.50 Canadian dollars at 718.20 Canadian dollars per ton; November futures contracts closed higher by 11.90 Canadian dollars at 695 Canadian dollars per ton.
Market outlook
This week, the center of gravity of rapeseed oil and rapeseed meal continued to shift downward, dragging down the domestic rapeseed market. SunSirs rapeseed analysts predict that domestic rapeseed may be weaker, but there is limited room for decline.
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- 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
