According to the monitoring of the Commodity Market Analysis System of SunSirs, the average price of rapeseed oil in the spot market was 9,743 RMB/ton on August 21, and 9,810 RMB/ton on August 25, with a price increase of 0.68% during the period.

Last week, the price of rapeseed oil first fell and then rose. In July, the number of imported rapeseed decreased month on month. According to data statistics, in July 2023, China imported 148,300 tons of rapeseed, a decrease of 64.82% month on month. The operating rate of oil plants is limited, and the supply side of rapeseed oil has decreased. The supply pressure has weakened compared to the previous period, and inventory has slowly decreased; Downstream demand is weak, and the rapeseed oil market is under pressure.

According to the monitoring of the Commodity Market Analysis System of SunSirs, the average market price of soybean oil in Shandong Province was 8,790 RMB/ton on August 21, and 9,020 RMB/ton on August 25, with a price increase of 2.62% during the period. On August 21st, the average price of palm oil in the domestic market was 7,826 RMB/ton. On August 25th, the average price of palm oil in the domestic market was 7,852 RMB/ton, with a price increase of 0.33% during the period. Last week, the overall oil market was mainly on the rise, with soybean oil showing a significant increase, while rapeseed oil and palm oil showed a trend of first falling and then rising. The excellent rate of American beans is relatively low, and the market for American beans is relatively strong, boosting the domestic soybean oil market. The rise in soybean oil market has a certain boosting effect on rapeseed oil palm oil.

The import of rapeseed has decreased month on month, and the pressure on domestic rapeseed oil has eased. The fourth quarter is the peak season for oil demand, with rapeseed oil prices expected to fluctuate and rise mainly.

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