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SunSirs: Soybean Oil Market Rebounded Weakly in March
March 30 2023 10:45:18SunSirs(John)

Price trend

According to the monitoring data of SunSirs, since March, the soybean oil market has been suppressed by terminal demand, with upward pressure and mainly oscillating downward trend. At the beginning of the month, the average price of soybean oil market was 9,634 RMB/ton. On March 29, the average price of soybean oil market was 8,740 RMB/ton, with a price decrease of 9.28%.

Analysis review

The bad news was still there, and the soybean oil market rebounded weakly in March

At the beginning of this month, supported by the external oil futures price, the soybean oil market saw a slight increase, with the price rising to 9,746 RMB/ton, or 1.16%.

Starting on the 4th, terminal oil demand fell and soybean oil inventories remained high. The import of raw materials from soybeans to ports had increased, and the supply had been loose. Multiple negative factors had depressed the soybean oil market. The soybean oil market started a continuous oscillating decline mode, with prices falling continuously, with an overall decline of over 12%.

At the end of the month, the negative factors were digested by the market, and the futures price of external oil returned to the rising channel. The soybean oil market rebounded with the market, and the price stopped falling and rebounded. On March 29, the price rose to 8740 RMB/ton, with a three-day increase of more than 3%.

Market outlook

Agricultural product analysts from SunSirs believe that in April, the volume of raw material imported soybeans to ports remains high, and negative factors remains, and the future rise of soybean oil remains under pressure.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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