1, by the impact of surrounding commodity prices plummeted, canola oil futures early last week, once a sharp pullback, but because of the better demand for rapeseed oil, the supply is slightly insufficient, canola oil futures prices bottomed out, and once again back to a relatively high level. Looking ahead, the current canola oil stocks remain low, demand into the traditional peak season, canola oil prices are expected to continue to maintain a strong trend.
2, the foreign disk trend remains strong. At present, the U.S. soybean harvest is nearing its end, the pressure of abundance is gradually released, and last week the U.S. Department of Agriculture issued a monthly supply and demand report downward adjusted U.S. soybean yields and yields, making the report slightly more colorful. Later the market will focus on U.S. soybean exports and crushing data. At present, the U.S. soybean export and crushing data is better, supporting the U.S. soybean futures further rebound.
3, export sales data released on Friday showed that the U.S. soybean 2021/2022 export data for 1,289,400 tons, in line with expectations. The National Oilseed Processing Association is set to release monthly soybean crush data on Tuesday, and analysts are expecting an increase in October's soybean crush, rebounding from last month's nearly three-month low.
4. The survey showed that the October 2021 U.S. soybean crush will be 4.952 million tons, up 18.3% from September, the fourth highest monthly crush in history. Therefore, we see U.S. soybean futures out of the 4 consecutive positive, stabilized 1200 U.S. cents mark.
5, in addition, due to the impact of abnormal drought, this year the world's top producer of rapeseed Canada rapeseed significantly reduced production to 12.8 million tons, down as much as 34% from the previous year. Intercontinental Exchange (ICE) rapeseed futures continue to rise, new highs repeatedly. Our canola and rapeseed oil are mainly imported from Canada, the Canadian canola price increases directly increase our canola and rapeseed oil import costs.
6, domestic supply remains tight. The release of Huawei executives made the normalization of rapeseed imports dawn. However, due to the Canadian rapeseed production cuts, leaving China's rapeseed supplies are more limited, for a period of time, rapeseed, rapeseed oil imports increased significantly the space is not large. At present, the coastal area oil mills rapeseed, rapeseed oil stocks are not high, rapeseed oil supply is slightly insufficient.