According to the monitoring of SunSirs, the average market price of rapeseed meal was 3,406 RMB/ton on February 1 and 3,370 RMB/ton on February 27, with a decline of 1.06% during the period, and up 0.48% from January 1.
Analysis review
The price of rapeseed meal was adjusted in a narrow range in February, showing a weak decline overall. From November 2022, a large number of imported rapeseed had arrived at the port, the oil plant started up sharply, and the rapeseed meal supply was expected to increase. According to statistics, from November to December 2022, China imported 1.0216 million tons of rapeseed, an increase of 96.24% year on year; The cumulative import of rapeseed meal was 310,000 tons, up 7.38% year on year. Aquaculture was in the off-season of demand, and inventory continued to rise, depressing the market of rapeseed meal. After the Spring Festival, there was a demand for replenishment at the breeding terminal. Due to the large price difference of soybean meal and rapeseed meal, the advantages of rapeseed meal substitution were obvious. Soybean meal: The spot market of soybean meal in February was poor, down 4.17%, which depressed the weakening of rapeseed meal market.
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 4,454 RMB/ton on February 27, with a decrease of 4.17% during the period. It was 4.87% lower than that on January 1. The decline of soybean meal market in February had a certain negative impact on the market of rapeseed meal and depressed the market of rapeseed meal.
Market outlook
The supply of rapeseed meal is expected to increase, aquaculture will resume in April, and the soybean meal market was weak in February, which dragged down the market of rapeseed meal. In the short term, the price of rapeseed meal is expected to fluctuate and adjust.
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