SunSirs: China Rapeseed Meal Continues to Decline after the Spring Festival
February 23 2024 14:18:04 SunSirs (Selena)
According to the monitoring of the commodity market analysis system of SunSirs, the average market price of rapeseed meal on February 18th was 2,713 RMB/ton, and on February 22nd, the average market price of rapeseed meal was 2,650 RMB/ton, with a decrease of 2.33% during the period. After the Spring Festival, rapeseed meal continued to decline weakly in a narrow range.
After the Spring Festival, there was a brief restocking sentiment in the market, but the support for rapeseed meal was limited. The domestic supply of imported rapeseed is sufficient, and aquaculture is in a low demand season, with limited support on the demand side. The expected high yield of South American soybeans has been realized, which is bearish for the meal market. Spot rapeseed meal prices have narrowed downward. In the first quarter, the domestic rapeseed supply was abundant, and aquaculture was in the off-season. It is expected that rapeseed meal will continue to adjust in a narrow and weak range.
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 February 18th was 3,414 RMB/ton, and on February 22nd, the average market price of soybean meal was 3,380 RMB/ton, with a decline of 1.00% during the period. The soybean meal market fluctuated and fell, suppressing the rapeseed meal market.
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