I. Rapeseed: stocks and port arrivals
This week (ending May 29th), rapeseed inventory totals 267,000 tonnes in domestic coastal areas, up 51,000 tonnes or 23.61% from 216,000 tonnes last week yet down by 51.72% from 553,000 tonnes of the corresponding period last year. Among them, stock in Guangxi, Guangdong and Fujian is 262,000 tonnes, up 29.06% from 203,000 tonnes last week yet down by 34.83% from 402,000 tonnes of the same week in the previous year. Rapeseed imports are small amid a stalemate between China and Canada. The imports include 125,000 tonnes from Canada and 58,000 tonnes from Australia in May, and 180,000 tonnes from Canada and 90,000 tonnes from Australia in June, according to data surveyed by Cofeed. Only when there is a thaw between China and Canada will Chinese firms start to buy Canadian rapeseed substantially. Currently, only several private importers and foreign-owned firms still have rapeseed arriving at ports.
In the decision announced by the Canadian court, Huawei finance chief Meng Wanzhou did not get released and would have to stay in Canada for more related hearings. This has led to another escalation in tensions between China and Canada, and China and Australia are also in souring relations; hence, participants can keep an eye on rapeseed imports.
Fig. 1: China’s Rapeseed Stocks in Recent Years
II. Rapeseed oil stocks
This week (ending May 29th), rapeseed oil stocks are 184,400 tonnes in domestic coastal regions, up 7,400 tonnes by 4.18% from 177,000 tonnes last week yet down by 61.75% from 482,100 tonnes of the same period last year. More details for stocks:
Fig. 2: China’s Rapeseed Oil Stocks in Recent Years
III. Rapeseed meal stocks
This week (ending May 29th), rapeseed meal stock has totaled 34,500 tonnes in domestic coastal regions, up 7,500 tonnes or 27.78% from 27,000 tonnes last week yet down by 17.86% from 42,000 tonnes of the same period last year. More details for stocks:
Fig. 3: China’s Rapeseed Meal Stocks in Recent Years
