Declining demand for rapeseed oil from China will continue to lower prices for rapeseed and oil in the near future

According to China News, in November, large quantities of Canadian canola began to actively arrive at Chinese processing plants, which sharply increased the supply of rapeseed oil and reduced demand prices. As a result of an increase in imports of rapeseed into China in October, its reserves as of November 17 increased to 421 thousand tons, which is 368% higher than the figure for November 3. Imports of rapeseed oil into the country in October increased by 64.08% compared to September to 233 thousand tons, which is the second highest monthly import this year, while the maximum shipments were recorded in April. As a result, rapeseed oil reserves over the past week increased by 5.64% to 395.1 thousand tons. As of November 24, the average price of imported third-grade rapeseed oil was 8,794 yuan/t or $1,230/t, which is 2.25% lower than in October. There is an oversupply of rapeseed oil on the domestic market, which, against the backdrop of negative trends in the world market, ...