SunSirs: China Domestic Rapeseed Prices Rose in July
August 03 2023 09:50:07 SunSirs (Selena)
According to the monitoring of the Commodity Market Analysis System of SunSirs, the average market price of domestic rapeseed on July 1st was 6,360 RMB/ton, and on July 30th, the average market price of domestic rapeseed was 6,512 RMB/ton, with a 2.39% increase in prices during the period. The rise in domestic rapeseed prices in July was mainly driven by the rise in downstream rapeseed oil and meal prices. The weather caused concern about rapeseed production reduction in Canada, Australia and the European Union, and the spot price of rapeseed oil was on the strong side. Rapeseed consumption is in the off-season, with limited upward space. However, as the weather theme gradually cools down, there is limited room for the price of rapeseed oil and meal to rise. In the short term, it is expected that domestic rapeseed prices will remain stable.
Vancouver, July 27th news: On Thursday, the Canadian rapeseed futures market on the Intercontinental Exchange (ICE) closed lower, with the benchmark period closing down about 0.90%, following the decline of other vegetable oil markets. As of the end of the trading day, rapeseed futures fell by between 0.70 CAD and 7.30 CAD, with the November period closing approximately 7.30 CAD lower at 823.50 CAD/ton; The January period closed approximately 7.30 CAD lower at 825.80 CAD/ton; The March period closed approximately 5.50 CAD lower at 824.80 CAD/ton.
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