SunSirs: Domestic Rapeseed Oil Supply is Abundant in the Third Quarter of 2024, China Palm Oil Supply is gradually becoming Loose

At present, the three major oil inventories in China are at historically high levels, and there is ample supply of rapeseed oil. Looking at different varieties, the operating rate of oil plants in July will be at a normal high level. It is expected that the monthly crushing volume of soybeans and rapeseed will be around 8 million tons and 500,000 tons respectively. Soybean oil is likely to continue to accumulate, and rapeseed oil inventory will remain high.

In terms of palm oil, import profits have recently turned negative, and some companies have experienced ship washing. Subsequently, the import of palm oil to ports has remained stable. It is expected that the import of palm oil to ports from July to September will be 350,000 tons, 320,000 tons, and 360,000 tons respectively. Due to the price surpassing soybean oil, downstream demand for palm oil has been suppressed. It is expected that palm oil inventories will continue to rise in July, and supply will gradually loosen.

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