1. Rapeseed oil market price trend

According to SunSirs monitoring, the average price of rapeseed oil at the beginning of last week was RMB 10,965/ton, and the average price at weekend was RMB 10,942/ton, down 0.21%.

2. Market analysis

On January 15th, the price of Guangdong and Guangxi was around 10650 yuan/ton, Anhui was 10600 yuan/ton, Jiangxi was 10770 yuan/ton, Sichuan was 10970 yuan/ton, and Fujian was 10650 yuan/ton. The price of rapeseed oil fluctuated and declined this week. Affected by the domestic epidemic, the market was worried about market outlook, which was negative for the price of rapeseed oil. The price of rapeseed oil was higher than that of soybean oil and palm oil, limiting the demand for rapeseed oil.

According to Canadian data, the Canadian rapeseed output in 2020 decreased by 4.5% from the previous year to 18.72 million tons. The output declined. The main producing country, Canada, reduced the production of rapeseed. The tight global supply and demand of rapeseed oil supported the increase in rapeseed oil prices; this week 2. The USDA releases a supply and demand report for 2020/21 US soybean ending stocks are lowered, boosting domestic oil prices.

3. Market outlook forecast

Under the background of reduced rapeseed production in Canada, the main producing country, and tight global rapeseed oil supply and demand, SunSirs rapeseed oil analysts predict that rapeseed oil prices may fluctuate at high levels.

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