SunSirs: In the Off-season of Consumption, Rapeseed Prices Fell in March
March 31 2023 11:40:40 SunSirs (John)
Price trend
According to the monitoring of SunSirs, the average market price of domestic rapeseed on March 1 was 7,400 RMB/ton, and the average market price of domestic rapeseed on March 30 was 7,196 RMB/ton. During the period, the quotation fell by 2.76%, and up 0.11% compared to February 1.
Analysis review
The decrease in the supply of domestic rapeseed in the market provided a bottom support for rapeseed prices. Rapeseed was in the off-season of demand, with low enthusiasm for downstream procurement, market demand was weak, the pace of shipment by traders was slow, and the quotation was lowered. New domestic rapeseed will be listed in succession around May, and expectations for a bumper harvest this year are high.
According to the monitoring of SunSirs, the spot price of rapeseed meal in March fell 9.68%, while the spot price of rapeseed oil in March fell 16.26%. The weak market of oil and fat crops depressed the market of rapeseed.
On March 29, Canadian rapeseed futures on the Intercontinental Exchange (ICE) rose for the fifth consecutive trading day, with benchmark futures contracts closing 1% higher. As of the closing date, May futures contracts closed higher by 7.60 Canadian dollars at 770 Canadian dollars per ton; The July futures contract closed higher by 4.10 Canadian dollars at 752.10 Canadian dollars per ton; November futures contracts closed higher by 1.50 Canadian dollars at 725 Canadian dollars per ton.
Market outlook
In March, domestic rapeseed continued to decline. Currently, the supply of domestic rapeseed in the market is tight. It is expected that domestic rapeseed may remain stable in April, with limited room for decline.
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