SunSirs: The Price of Rapeseed Meal Declined Due to Negative Factors
March 06 2023 13:16:23 SunSirs (John)
Price trend
According to the monitoring of SunSirs, the average market price of rapeseed meal was 3,370 RMB/ton on February 27 and 3,296 RMB/ton on March 3, with a decline of 2.20% during the period, and down 3.23% from February 1.
Analysis review
The price of rapeseed meal fell in a weak way this week. The international canola had changed from tight to loose. According to statistics, the global canola production in 2022/23 was 85.08 million tons, an increase of 290,000 tons compared with the reported data in January, and an increase of 14.96% compared with that in 2021/22. The domestic supply of imported rapeseed had increased, the operating rate of oil mills had increased, and the supply of rapeseed meal was expected to be loose. With the temperature warming, aquaculture will enter the peak season, and the demand for rapeseed meal is promising. The price difference between soybean meal and rapeseed meal was large, and the advantage of rapeseed meal substitution was obvious. In terms of soybean meal: the spot market of soybean meal was not good, which had dragged down the market of rapeseed meal,
In terms of soybean meal: according to the monitoring of SunSirs, the average market price of soybean meal was 4,648 RMB/ton on February 1 and 4,266 RMB/ton on March 2, with a decline of 8.22% during the period. Since February, the soybean meal market had been falling, which had a certain negative impact on the rapeseed meal market and depressed the weakening of the rapeseed meal market.
Market outlook
The supply of rapeseed meal is expected to increase, aquaculture will gradually recover, and South American soybeans arrived at the port. The soybean meal market was weaker, dragging down the rapeseed meal market. In the short term, it is expected that the price of rapeseed meal will fluctuate to be weaker slightly.
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