SunSirs: The Price of Rapeseed Meal Increased in China in July

According to the monitoring of the Commodity Market Analysis System of SunSirs, the average market price of rapeseed meal on July 1st was 3,565 RMB/ton, and on July 30th, the average market price of rapeseed meal was 3,898 RMB/ton, with an increase of 9.35% during the period.

In July, the market for rapeseed meal mainly rose, with a significant increase in the first half of the month, followed by a slight increase in price fluctuations. On June 30th, the USDA area report lowered the planting area of American beans to 83.5 million acres, a decrease of 4 million acres from the previously expected 87.5 million acres. The positive report boosted the situation. On July 3rd, the spot price of oil and fat crops surged, while Zheng Meal rose 8.02%, and spot prices followed suit. The impact of El Nino weather led to concerns about rapeseed production reduction in Canada, Australia and the EU. The report and weather factors jointly boosted the price of rapeseed meal. Aquaculture is in the peak season of demand, with good market demand and decent demand for rapeseed meal.

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 July 1st was 3,956 RMB/ton, and on July 30th, the average market price of soybean meal was 4,486 RMB/ton, with an increase of 13.40% during the period. In July, the domestic soybean meal market continued to oscillate and rise, continuously rising. The rise is mainly due to the impact of El Nino weather, with US soybean futures continuously rising. The rise in soybean meal market has boosted the market for rapeseed meal.

July October is a period of sluggish global rapeseed supply. The number of domestic imported rapeseed arriving in Hong Kong is expected to decrease in the third quarter, and there is not much pressure on rapeseed meal supply. The consumption of rapeseed meal is in peak season, and the weather theme is gradually cooling, which weakens the support for rapeseed meal. In the short term, the main trend is expected to be strong fluctuations in rapeseed meal.

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