According to the monitoring of SunSirs, the average market price of rapeseed meal was 3,560 RMB/ton on December 1 and 3,506 RMB/ton on December 8, with a decline of 1.53% during the period, 15.88% lower than that on November 1.
Rapeseed meal continued its downward trend in November at the beginning of December. In terms of supply, since the middle of November, a large number of imported rapeseed have arrived in Hong Kong, and the operating rate of oil plants has increased. By the end of the 49th weekend, according to statistics, the processing volume of domestic imported rapeseed was 135400 tons. Rapeseed inventory has rebounded rapidly, which has depressed the market of rapeseed and slowed down the pace of decline since December. In terms of demand, the weather is cooling, the feeding of aquaculture is weakening, and the rapeseed meal is in the traditional off-season, so the demand for rapeseed meal is weakening.
On December 6, Zheng rapeseed meal rose 1.48%, while the spot rapeseed meal rose slightly, 0.28% higher than the previous trading day. Statistics Canada estimates that Canada's rapeseed output in 2022/2023 will be 18.17 million tons, lower than the 19.1 million tons previously predicted, which is good for the seed market. From November 2022 to February 2023, China imported a large amount of rapeseed, but the purchase began to decrease in March, boosting the domestic rapeseed market.
Soybean meal: According to the monitoring of SunSirs, the average market price of soybean meal was 5,026 RMB/ton on December 1, and 4,938 RMB/ton on December 8, with a drop of 1.75%. During the period from December 1 to 8, domestic soybean meal declined first and then recovered slightly, boosting domestic rapeseed meal market.
To sum up, the increase of rapeseed meal supply and demand is weak in China, and SunSirs's rapeseed meal analysis predicts that rapeseed meal may operate in a weak way due to shocks.
