SunSirs: Rapeseed Prices Remained Stable During the Off-season of Demand
April 14 2023 13:39:38 SunSirs (John)
Price trend
According to the monitoring of the Commodity Market Analysis System of SunSirs, the average market price of domestic rapeseed on April 7th was 7,176 RMB/ton, and on April 13th, the average market price of domestic rapeseed was 7,176 RMB/ton. During this period, the quotation remained stable, and a decrease of 0.28% compared to April 1st.
Analysis review
The supply of domestic rapeseed in the market was gradually decreasing, providing a bottom support for rapeseed prices. Rapeseed entered the traditional off-season, the purchasing enthusiasm from oil factories was low and market demand was weak. Traders had a slow pace of shipping and the offers were mainly firm. The supply of domestic rapeseed was in a period of declining supply when the new season rapeseed was about to be launched, and the quotation for domestic rapeseed was generally stable.
On April 12th, most futures contracts in the Canadian rapeseed futures market on the Intercontinental Exchange (ICE) closed lower, with benchmark futures contracts closing 0.7% lower. As of the close, May futures contracts closed 1.70 CAD higher at 771 CAD/ton; The July futures contract closed 5 CAD lower at 742.10 CAD/ton; The November futures contract closed down 11.10 CAD at 703.20 CAD/ ton.
Market outlook
This week, rapeseed oil prices fell, while rapeseed meal prices had shown a narrow but strong trend. SunSirs rapeseed analysts predict that domestic rapeseed may remain stable mainly.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.
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