SunSirs: The Rise in China Rapeseed Meal Prices in June is expected to be Strong in the Short Term
June 27 2023 14:52:54 SunSirs (Selena)
According to the monitoring of the Commodity Market Analysis System of SunSirs, the average market price of rapeseed meal on June 1st was 3,293 RMB/ton, and on June 26th, the average market price of rapeseed meal was 3,561 RMB/ton, with an increase of 8.15% during the period.
The price of rapeseed meal continued to rise in June. At the beginning of the month, the import cost of American beans boosted the price of domestic meal products, resulting in a significant increase in rapeseed meal prices. After June, domestic imported rapeseed will gradually decrease, but currently, a large number of domestically produced rapeseed are on the market, increasing the supply of domestic rapeseed. The impact of El Nino weather has led to strong expectations of reduced rapeseed production in Australia, driving up domestic rapeseed meal prices. Aquaculture has entered the peak demand season, with good terminal demand supporting the upward trend of rapeseed meal prices.
In terms of soybean meal: According to the monitoring of the commodity market analysis system of SunSirs, the average market price of soybean meal on June 1st was 3,770 RMB/ton, and on June 26th, the average market price of soybean meal was 3,972 RMB/ton, with an increase of 5.36% during the period. In June, soybean meal fluctuated and rose, and the rapeseed meal market was supported to some extent.
The quantity of imported rapeseed will gradually decrease in the later stage, and the supply of rapeseed meal will decrease; The demand for rapeseed meal is in the peak season, and it is expected that the trend of rapeseed meal fluctuation will be mainly strong.
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