SunSirs: China Domestic Rapeseed Saw a Weak Decline in January, 2024
January 31 2024 15:41:12 SunSirs (Selena)
According to the monitoring of the commodity market analysis system of SunSirs, the average market price of domestic rapeseed on January 1st was 6,332 RMB/ton, and on January 29th, the average market price of domestic rapeseed was 6,052 RMB/ton. In January, the price of domestic rapeseed continued to decline weakly, and the sales of domestic rapeseed were not good. However, the trading atmosphere in the imported rapeseed market is still favorable, which has put pressure on the prices of domestic rapeseed and led to a reduction in domestic rapeseed prices. Downstream demand for domestic rapeseed is weak, which is bearish for the domestic rapeseed market. The cost-effectiveness of imported Russian rapeseed is relatively high. In addition, the quantity of imported rapeseed and imported rapeseed meal in China has significantly increased month on month and year on year in 2023 and 2012. The sufficient quantity of imported rapeseed has suppressed the domestic rapeseed market, and it is expected that domestic rapeseed will mainly operate in a weak position with significant upward resistance.
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