China: Where will the price of rapeseed oil go?

In November, shipments of new-crop canola from Canada began arriving at Chinese oil refineries in large volumes, with supplies of imported canola increasing significantly. Rapeseed imports will also remain at a high level in December. The Spring Festival, 春节, Chunjie (Chinese New Year, approx. oilworld.ru) this year will take place from February 10, 2024 (Saturday, the first day of the first month according to the lunar calendar) and will end on February 16, 2024 (Friday, the seventh day of the first month according to the lunar calendar). Weekends: February 10–16, 2024, pre-holiday demand on the secondary market has not yet begun. Demand is low. Coupled with the expected recovery in soybean production in the new season in Brazil, the price of imported rapeseed oil is expected to continue to decline in December. Large quantities of rapeseed imported from Canada are arriving in Hong Kong and operational loading rates are increasing. As large quantities of Canadian canola entered ...