SunSirs: Limited Benefits, Weak Downtrend of China Rapeseed Oil
February 06 2024 14:24:50 SunSirs (Selena)
The overall rapeseed oil market in January fell by 4.34%. The rapeseed oil market in January initially fluctuated and rose, but declined significantly at the end of the month. Boosted by holiday consumption, the consumption of rapeseed oil increased in the first half of the month, and inventory showed a downward trend, which is beneficial for the rapeseed oil market. At the end of the month, a bearish outlook emerged, mainly due to the maintenance of high yield expectations for South American soybeans. South American soybeans began to enter the harvest period, increasing supply pressure and weakening the bearish oil market. In the early stage, with a significant increase in the quantity of imported rapeseed and rapeseed oil and sufficient supply, coupled with the basic end of pre holiday stocking, the demand side support is limited. It is expected that pre holiday fluctuations will mainly adjust the operation.
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