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Sunsirs: March 16, Chinese Rapeseed Price Adjustment

March 17 2021 09:18:45     SunSirs (Linda)

1. Market price of rapeseed

On March 16, the average price of rapeseed was 6425 yuan / ton, while on March 9, the average price of rapeseed was 6495 yuan / ton, with a decrease of 1.08%.

2. Market analysis

The price of domestic net rapeseed in Hubei is 3.2-3.3 yuan / Jin; that in Anhui is 3.08-3.2 yuan / Jin; that in Jiangsu is 3.1-3.15 yuan / Jin; that in Sichuan is 3.45-3.5 yuan / Jin; that in Yunnan is 3.4 yuan / Jin; that in Henan is 3.02 yuan / Jin. Domestic rapeseed market supply is not much, but the downstream procurement is not active, dragging down the rapeseed market.

In terms of imported rapeseed, imported rapeseed continued to arrive in Hong Kong, and the operating rate of oil plants increased. According to the monitoring, as of March 5, the rapeseed inventory of domestic coastal oil plants was 422000 tons, an increase of 156000 tons per week, or 58.65%, compared with 189000 tons in the same period last year, an increase of 123.8%.

On March 9, China's Ministry of Agriculture released its monthly supply and demand report on Tuesday, raising the forecast of rapeseed oil production in 2020 / 21 because of the increase in sown area. China's Ministry of Agriculture estimates that China's rapeseed oil output this year will be 5.43 million tons, higher than the 5.32 million tons predicted last month, and the winter rapeseed planting area will increase by 4 million mu (about 266700 hectares).

3. Future forecast

Sunsirs rapeseed analysts expect domestic rapeseed supply to be tight and prices to fall with limited air transportation.

If you have any questions, please feel free to contact SunSirs with    support@sunsirs.com.

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