SunSirs: China Rapeseed Oil Prices Rose in July

According to the monitoring of the commodity market analysis system of SunSirs, the average price of Rapeseed oil in the Spot market was 9,113 RMB/ton on July 1, and the average price of Rapeseed oil in the Spot market was 9,703 RMB/ton on July 31, with an increase of 6.47% during the period.

The main increase in rapeseed oil prices in July was towards the end of the month, with prices declining. At the beginning of the month, the USDA area report lowered the planting area of American beans, which was boosted by a positive report. On July 3rd, the spot price of oil and rapeseed oil increased significantly, while the spot price of rapeseed oil also increased. The impact of El Nino weather led to concerns about rapeseed production reduction in Canada, Australia and the European Union, and the production rate was reduced. The report and weather factors jointly boosted. At present, it is a holiday season with hot weather and low demand for oil.

According to the monitoring of the commodity market analysis system of the business community, the average market price of Soybean oil in Shandong was 7948 RMB/ton on July 1, and the average market price of Soybean oil in Shandong was 8308 RMB/ton on July 31, during which the quotation increased by 4.53%. On July 1st, the average price of palm oil in the domestic market was 7578 RMB/ton. On July 31st, the average price of palm oil in the domestic market was 7548 RMB/ton, with a decrease of 0.40% in the quotation range during the period. In July, the oil market was dominated by an overall increase in rapeseed oil and soybean oil, with a significant increase in rapeseed oil and a slight decrease in palm oil.

The quantity of imported rapeseed in China will decrease in the third quarter, and domestic rapeseed oil inventory may decline from a high level. The pressure on rapeseed oil supply has weakened, but the weather theme has gradually cooled, weakening its support for rapeseed oil. In the short term, it is expected that rapeseed oil prices will fluctuate and adjust mainly.

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