This week, Canadian canola crush margins remained basically stable.

Increasing the start-up rate of rapeseed pressing plants in coastal areas boosts rapeseed meal output and turns inventory from declining to increasing; with the addition of a lower import tariff rate for rapeseed and the取消 of the 100% additional tariff on rapeseed meal, the outlook for far-month rapeseed meal supply is sufficient, basis quotations fall sharply, and spot prices face downward pressure. On March 5, in coastal regions, the price of ordinary egg-plant rapeseed meal was 2340~2480 yuan/ton, down 20~60 yuan/ton from the same period last week; in South China, the spot basis quotation for ordinary egg-plant rapeseed meal was RM05+10~30 yuan/ton, down 30~80 yuan/ton.

Canada’s final anti-dumping investigation ruling on canola takes effect, improving the export outlook for canola with a continued rise in CNF quotations, which increases our country’s import costs. But recently, domestic rapeseed oil prices have risen by a relatively large margin, while changes in crushing profits on the futures market have been limited. On March 5, based on a 14.9% tax rate, the 5th-month shipment crushing profit for Canadian canola on the futures market was -63 yuan/ton, basically unchanged from the same period last week. (National Grain and Oils Information Center)