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This week's domestic rapeseed oil spot prices mainly fluctuate around the market, with short-term expectations leaning toward slight strength.
Yesterday, domestic rapeseed oil futures prices closed higher. The conflict in the Middle East continued to escalate, increasing risks to international energy supply. Yesterday, Brent crude oil prices once again touched $110 per barrel. Domestic edible oil prices rebounded in line with overseas markets, and rapeseed oil futures prices rose slightly.
On March 19, the Zhengzhou Commodity Exchange rapeseed oil 2605 main contract closed at 9,854 yuan/ton, up 74 yuan/ton, or 0.76%, from the previous trading day, and up 85 yuan/ton, or 0.87%, compared with the same period last week.
This week, domestic rapeseed oil basis quotes weakened. Influenced by the international edible oil and ICE rapeseed seed price trends, domestic rapeseed oil futures this week fluctuated with a generally strong bias. As the operating rate of coastal crushing plants increased, spot output grew steadily, putting pressure on basis quotes and driving them down. On March 19, in the coastal regions, the national standard Grade 3 rapeseed oil spot basis quote was OI605+350~550 yuan/ton, down 0~40 yuan/ton from the previous day, and down 0~100 yuan/ton compared with the same period last week.
This week, domestic rapeseed oil spot prices mainly fluctuated in line with the futures market. It is expected that in the short term, they will remain volatile with a generally strong bias. On March 19, in the coastal regions, the national standard Grade 3 rapeseed oil spot quote was 10,230~10,580 yuan/ton, up 130 yuan/ton from the previous day, and down 60 yuan/ton to up 10 yuan/ton compared with the same period last week.
At present, there have been no major changes in the fundamentals of the domestic rapeseed oil market. In the short term, it is expected to be strongly influenced by international edible oil price trends and biodiesel policy, continuing the volatile upward-biased pattern. (National Grain and Oils Information Center)