SunSirs: Rapeseed Prices Remained Stable This Week (April 17-21)
April 24 2023 11:39:58 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 17th was 7,176 RMB/ton, and on April 21st, the average market price of domestic rapeseed was 7,176 RMB/ton. During this period, the quotation remained stable, and a decrease of 0.26% compared to April 1st.
Analysis review
Rapeseed had entered the traditional off-season, and the enthusiasm of oil factories for procurement was not high. Market demand was weak, and traders were slow to purchase, with strong quotations mainly. New rapeseed is about to be launched one after another, and the market has a strong wait-and-see sentiment.
On April 20th, Canadian rapeseed futures on the Intercontinental Exchange (ICE) closed lower for the second consecutive trading day. As of the close, May futures contracts closed lower by 14.70 CAD at 757.80 CAD per ton; The July futures contract closed 16 CAD lower at 727.90 CAD per ton; The November futures contract closed down 13.40 CAD at 700.90 CAD/ton.
Market outlook
This week, the prices of rapeseed oil and meal were mainly adjusted in a volatile manner. The domestic rapeseed market had a scarce supply of goods, coupled with the approaching holiday, downstream demand had rebounded. New rapeseed is about to be listed one after another, and there is a strong wait-and-see sentiment in the market. rapeseed analysts from SunSirs predict that domestic rapeseed may still remain stable.
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