Price trend

According to the monitoring data of SunSirs, the average price of rapeseed oil spot market was 10,744 RMB/ton on March 6 and 9,854 RMB/ton on March 10. During the period, the price range fell by 8.28%, and 8.54% lower than that on March 1.

Analysis review

Rapesseed oil continued to fall this week. In recent months, the number of imported rapeseed has still increased significantly, the operating rate of oil plants has increased, and the supply of rapeseed oil is expected to be loose. According to statistics, the quantity of imported rapeseed will reach 1 million tons in January-February 2023. As of March 3, 2023, the inventory of vegetable oil in East China was 182,400 tons, an increase of 32,900 tons from last week. The consumption of vegetable oil was weak, and the inventory accumulated slightly.

According to the monitoring of SunSirs, the average market price of soybean oil in Shandong Province was 9,610 RMB/ton on March 6, and the average market price of soybean oil in Shandong Province was 92,10 RMB/ton on March 10, during which the price range fell by 4.16%. On March 6, the average price of palm oil in the domestic market was 8,236 RMB/ton, and on March 10, the average price of palm oil in the domestic market was 7,950 RMB/ton, during which the price range fell 3.47%. This week, oil fell in succession, and rapeseed oil suffered from its loose supply, with the most room for decline.

Market outlook

It is expected that a large number of rapeseed will be imported to the port in March, and the supply of rapeseed oil will be loose, and the domestic rapeseed oil inventory will increase slightly. The rapeseed oil analysts of SunSirs predict that the rapeseed oil will continue to be weaker.

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