Lang
According to customs data, China's total rapeseed imports in November 2025 amounted to approximately 1,998.30 tonnes, marking a sharp year-on-year decline of 99.72%.
The steep drop in rapeseed import volumes points to a significant supply shortage and an acute deficit in the spot market, a situation expected to push spot prices higher. Other notable price-supportive factors are emerging at the same time, as heavy reliance on imports combined with dwindling supplies could trigger sharp price increases.
The rapeseed shortage is directly raising the cost of raw materials needed to produce rapeseed oil, putting upward pressure on spot prices. According to futures market data, the price of the benchmark rapeseed oil contract 2605 edged up slightly by 24 yuan, even as trading volumes rose, signalling a market leaning bullish and raising the likelihood of further gains in futures prices.
The sharp fall in rapeseed imports has also driven up production costs for rapeseed meal, while tight spot market supply has had a positive effect on prices. Futures market data show that although the basis for the rapeseed meal 2605 contract slipped by 8 yuan, the elevated basis level together with ongoing fundamental support has reinforced bullish expectations for futures prices over the medium to long term.
Source: Oil World