Spot Market
Domestic rapeseed meal spot prices fluctuated downward this week.The Ministry of Commerce of China announced the final ruling on the anti-dumping investigation against Canadian rapeseed, sharply reducing the high anti-dumping duty of 75.8% imposed in the preliminary ruling to 5.9%.

In addition, the Tariff Commission of the State Council will not impose an additional 100% tariff on oil cake and meal originating from Canada.The policy adjustments on Canadian rapeseed and rapeseed meal have been fully implemented in China, basically in line with market expectations.China has also resumed purchasing Canadian rapeseed and its products.

Imported rapeseed has arrived at ports one after another, and rapeseed inventories at crushing plants have continued to rise.Crushing operation rates have rebounded from low levels, leading to a recovery in new spot supply of rapeseed meal, and rapeseed meal inventories at crushing plants have increased slightly while remaining stable.Imported rapeseed meal supply has stayed stable, port rapeseed meal inventories have stopped declining and rebounded, and total domestic rapeseed meal inventories have risen slightly but remain significantly lower than the same period last year.

As of February 27, rapeseed inventories at crushing plants stood at 150,000 metric tons, rapeseed meal inventories at 7,000 metric tons, and port pellet meal inventories at around 400,000 metric tons.

Aquatic product prices were mixed. Water temperatures rebounded rapidly across most parts of the country, fry stocking for aquaculture started, and demand for aquafeed was slightly better than the same period last year.The price spread between soybean meal and rapeseed meal narrowed, lowering the relative value of rapeseed meal, resulting in cautious market buying and selling.

OverallFollowing the implementation of policy adjustments on Canadian rapeseed and rapeseed meal, China’s procurement has fully resumed.With imported rapeseed arriving at ports, crushing operation rates rebounding from low levels, and spot supply of rapeseed meal increasing, coupled with cautious market trading, domestic rapeseed meal spot prices declined in fluctuation.