For the Quarter Ending September 2023


North America

The third quarter of 2023 witnessed fluctuating sentiments in the rapeseed oil market in North America, particularly in the US. Prices initially surged until the middle of the quarter, driven by heightened demand in crucial exporting regions, fostering positive trade momentum in northern markets. This upswing, however, resulted from a intricate interplay of shifting supply and demand dynamics, inflation in input costs, and economic factors. Demand growth spurred bulk ordering, accelerating consumption and depleting the already limited supply, thereby raising prices. In August 2023, the manufacturing PMI saw a marginal increase from 47 to 47.9, with rising inventory costs being the primary cause of an 18.6-point surge in aggregate logistics costs, reaching 175.3. However, as September approached, the increase in local inventory levels in the US market was attributed to the subsequent drop in rapeseed oil prices. Lower fuel costs, driven by a decrease in the price of coking coal, weakened cost support, and higher inventories discouraged significant domestic orders. Additionally, a minor uptick in upstream production contributed to the increased availability of rapeseed oil.

Asia Pacific

The third quarter of 2023 marked another downward trend in the price of rapeseed oil in the Asia Pacific region. The pricing chart at the quarter's onset indicated an upward trend due to increased downstream demand, offset by high inventory levels. Moreover, the rising cost of raw materials, such as rapeseed seeds, elevated the production cost of rapeseed oil. In August, businesses faced heightened cost pressure due to escalating fuel and raw material prices. Despite this, increased market competition led to a slight decrease in inflation, prompting some businesses to offer product discounts. The Consumer Price Index (CPI) rose from 121.20 points in July 2023 to 122.50 points in August 2023. As September approached, rapeseed oil prices started to decline after a sharp rise earlier in the quarter, with reduced demand being a contributing factor, notably in the Philippines. Consequently, the market witnessed a brief decline in rapeseed oil prices as the third quarter of 2023 came to an end in September.

Get Real Time Prices of Rapeseed Oil: https://www.chemanalyst.com/Pricing-data/rapeseed-oil-1320

Europe

Reflecting the market sentiment, rapeseed oil prices in North America experienced an upward trend during the third quarter of 2023 until August. The persistent increase in local demand drove prices higher. However, as September neared its end, prices began to decline. The upswing in rapeseed oil prices until August was fueled by rising domestic demand in the local market. Unfavorable weather conditions, such as floods and other climate-related events in major exporting nations, particularly India, significantly impacted rapeseed production. India, a key producer of rapeseed oil, faced production challenges due to weather disruptions. Nevertheless, as the third quarter of 2023 concluded in September, prices dropped considerably, leading to excessive stockpiling of inventories among merchants and restoring balance to the overall supply-demand dynamics.



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