SunSirs: Weak Demand, Pressures on China Rapeseed Meal Prices
January 31 2024 15:39:45 SunSirs (Selena)
According to the monitoring of the commodity market analysis system of SunSirs, the average market price of rapeseed meal on January 1st was 2,971 RMB/ton, and on January 29th, the average market price of rapeseed meal was 2,696 RMB/ton, with a decrease of 9.25% during the period.
In January, the rapeseed meal market continued to weaken and decline. Starting from November 2023, new season rapeseed seeds were imported to Hong Kong one after another, and the quantity increased significantly year-on-year. The operating rate of oil factories increased, and the output of rapeseed meal increased. Aquaculture is in the off-season of demand, with limited market demand. However, due to the increase in pre holiday demand, the stocking volume of aquatic feed enterprises has increased compared to the previous period, limiting the downward space for rapeseed meal. On the other hand, there is still expected pressure for high yields in South America, which is bearish for the market of meal products.
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 January 1st was 3,962 RMB/ton, and on January 29th, the average market price of soybean meal was 3,520 RMB/ton, with a decline of 11.16% during the period. In January, the soybean meal market was under pressure and lowered, while the rapeseed meal market was dragged down.
Aquaculture is in the off-season, coupled with the expected high soybean yields in South America. It is expected that rapeseed meal will continue to operate weakly.
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