中加贸易改善 菜籽粕期价重心明显下调

Core Viewpoint - The futures market for rapeseed meal has shown weakness, with the main contract dropping significantly by 2.37% to 2221.00 CNY/ton on January 19 [1] Market Data Summary - On January 16, the number of rapeseed meal futures warehouse receipts was 84, unchanged from the previous trading day [2] - The spot price of rapeseed meal on January 19 was reported at 2388.95 CNY/ton, a decrease of 75.79 CNY/ton, representing a daily decline of 3.07% [2] - Over the past week, rapeseed meal prices have cumulatively dropped by 113.68 CNY/ton, a decline of 4.54% [2] - In the last month, rapeseed meal prices have decreased by 90 CNY/ton, a decline of 3.63% [2] - The C&F price for Canadian canola (March shipment) was 525 USD/ton, up by 4 USD/ton from the previous trading day; the price for May shipment was 531 USD/ton, also up by 4 USD/ton [2] Institutional Perspectives - According to Everbright Futures, rapeseed meal prices have significantly declined, with a notable drop on Friday night and a maximum intraday decline of nearly 3% [3] - The decline in prices is attributed to the recent visit of the Canadian Prime Minister to China, where an initial agreement was reached to enhance agricultural cooperation and food security, including a potential reduction in tariffs on Canadian canola by March 1 [3] - The expected decrease in import costs due to lower tariffs may lead to an increase in import volumes, contributing to the weak performance of rapeseed meal futures [3] - According to Ruida Futures, the current rapeseed meal market is characterized by weak supply and demand, moving in tandem with soybean meal prices [3]