SunSirs: Reduced Rapeseed Production in Europe, Rapeseed Oil Prices are Rising
April 25 2024 14:45:19 SunSirs (Selena)
According to the monitoring of the commodity market analysis system of SunSirs, the average price of rapeseed oil spot market was 8,378 RMB/ton on April 23, with a 4.47% increase in quotation compared to the previous day, and the spot price of rapeseed oil has surged. On that day, the main contract for vegetable oil futures on the Zhengzhou Commodity Exchange increased by 4.24%. Vegetable oil futures and spot prices both rose.
Frost weather has occurred in European rapeseed production areas, and rapeseed is currently in the flowering and pod setting stages. There is an expectation of a significant reduction in rapeseed production, causing concerns about global rapeseed supply and leading to a significant increase in domestic rapeseed spot prices.
The supply of rapeseed oil itself is still loose. According to data statistics, from April to June, the average monthly import of rapeseed to Hong Kong was around 450,000 tons, and oil factories remained at a high level of operation. The pressure on rapeseed oil inventory remains. Affected by the European rapeseed weather disaster, the market is concerned about a decrease in rapeseed production in Europe. However, the supply pressure of rapeseed oil itself remains, and the short-term trend of rapeseed oil is mainly characterized by strong fluctuations, with limited upward space.
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