I. Rapeseed: stock and port arrival
This week (as of June 21st), rapeseed inventory totals 497,000 tonnes in domestic coastal areas, an increase of 22,000 tonnes by 4.6% from 475,000 tonnes last week yet a reduction by 20.48% from 625,000 tonnes of the same period last year. Among them, stock in Guangxi, Guangdong and Fujian has declined by 10.45% to 300,000 tonnes from 335,000 tonnes last week and by 37.9% from 483,000 tonnes of the same week in the previous year. According to Cofeed, there will be only two cargoes of rapeseed for June and one for July and August in subdued import amid tensions between China and Canada, which will keep lingering before a detente between China and the United States whose trade relationship is expected to have some alleviating signs at least until late June at a G20 summit. Therefore, it is less likely that China and Canada will see a thaw, and even if that happens, it will take some time for the procedures of purchase, shipment and delivery. This will result in tight supply outlook of rapeseed in July and August, and some foreign-owned factories in Yingkou, Liaoning has turned to purchase domestic rapeseed for crush.
Fig. 1: China’s Rapeseed Stocks in Recent Years
II. Rapeseed oil stock
This week (as of June 21st), rapeseed oil stock is 526,000 tonnes, a reduction of 6,300 tonnes by 11.48% from 532,300 tonnes last week, yet an increase by 27.3% from 413,200 tonnes of the same period last year. More details for stocks:
Fig. 2: China’s Rapeseed Oil Stocks in Recent Years
III. Rapeseed meal stock
This week (as of June 21st), rapeseed meal stock has dropped to 33,000 tonnes nationwide, down 3,000 tonnes by 8.3% from 36,000 tonnes last week and by 51.5% from 68,000 tonnes of the same period last year. More details for stocks:
Fig. 3: China’s Rapeseed Meal Stocks in Recent Years
