SunSirs: China Rapeseed Meal Market Fluctuated slightly and Operated strongly in May

According to the monitoring of the commodity market analysis system of SunSirs, the average market price of rapeseed meal on May 1st was 2,803 RMB/ton, and on May 28th, the average market price of rapeseed meal was 2,865 RMB/ton, with an increase of 2.20% during this period.

After a significant increase in early May, the range fluctuated, and prices were weak towards the end of the month. During the May Day holiday, the foreign soybean market rose, boosting the domestic oil and vegetable market. After the holiday, the rapeseed meal market rose. The weather is warming up, and aquaculture is gradually entering the peak season. The amount of rapeseed meal pickup has significantly increased, which is beneficial for the price of rapeseed meal. Supply side: In April 2024, domestic imports of rapeseed reached 470,800 tons, an increase of 25.05% compared to the previous month; In addition, domestic new rapeseed has been gradually launched since May, with sufficient supply of raw rapeseed and high operating rates of oil factories. The pressure on rapeseed meal supply still exists. In terms of soybean meal, the recent increase in soybean arrivals to Hong Kong has dragged down the supply pressure of soybean meal, and the rapeseed meal market has been somewhat suppressed.

European and Australian rapeseed have been affected by weather, with strong expectations for a decrease in rapeseed production. In addition, the main rapeseed producing areas in Canada continue to experience rainfall, resulting in a slow sowing speed of new rapeseed. International rapeseed bullish factors support the domestic rapeseed meal market.

Under the expectation of a positive demand for rapeseed meal; However, under the influence of sufficient rapeseed supply, the upward space for rapeseed meal may be limited; Canadian rapeseed is in the planting period, and the weather market is an important factor. Currently, the weather influencing factors are gradually being consumed by the market, and more attention should be paid to the later weather conditions; The peak season for aquaculture is approaching, and it is expected that the overall trend of rapeseed meal will be mainly strong and volatile.

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