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SunSirs: Bullish Support, China's Soybean Oil & Palm Oil Hits a New High
February 23 2021 08:41:21SunSirs(Linda)

After the Spring Festival, soybean oil palm oil ushered in a good start, with prices rising sharply. Soybean oil rose close to 6% in a single day, and palm oil rose close to 7% in a single day. This week, the market made another new high. As of February 22, the average soybean oil market price was 9,266 yuan/ton, an increase of 6.92% from the early February; the average palm oil market price was 7,900 yuan/ton, an increase of 9.22% from the beginning of February.

Beginning in December 2020, the overall rise and fall of soybean oil have been mixed, with a weekly increase of up to 3%, and the overall increase is still the main one. In January, soybean oil still rose by the limit, and fell for two consecutive weeks, with a maximum decline of more than 3%. Near the end of the month, soybean oil rose by more than 5%, returning to the rising channel. Before the Spring Festival, the demand for fats and oils weakened, and soybean oil ushered in a decline again, with a drop of more than 2%. After the Spring Festival, soybean oil ushered in a good start. Soybean oil rose by 5.86% in the week of February 15.

Starting from December 2020, palm oil has risen across the board for 4 consecutive weeks, and the market is better than soybean oil. By January, palm oil began to rise and fall, consistent with the soybean oil market. It fell for two consecutive weeks in the middle of the month, with a maximum decline of more than 3%. Near the end of the month, palm oil rose by more than 4% and returned to the rising channel. Before the Spring Festival, the demand for fats and oils weakened, and palm oil ushered in a decline again, which was relatively more resilient than soybean oil by 0.86%. After the Spring Festival, the palm oil market rose sharply, higher than that of soybean oil, and the price rose by 6.72% in a single day. By the second week, palm oil had renewed its strength. As of February 22, palm oil had risen 1.54% in a single day.

Good factors hit soybean oil palm oil again

During the Spring Festival, the US soybean oil and Malaysian palm oil surged across the board. Malaysia's palm oil export data increased significantly. According to relevant agency data, Malaysia's palm oil export volume from February 1-15 was 542,709 tons, an increase of 27.3% from the previous month. After the Spring Festival, soybean oil palm oil futures rose sharply, and the spot price rose with the market. On February 18, soybean oil rose 5.86% in a single day, and palm oil rose 6.72% in a single day. After soy oil palm oil rose sharply, it ushered in a brief callback.

On February 22, supported by bullish factors, the soybean oil palm oil futures market rose sharply again. Even the soybean oil palm oil opening rose by more than 200 yuan/ton, and the spot price rose after the market. The soybean oil spot price once exceeded the 9,300 yuan mark, and the palm oil spot price has already Approaching the 8,000 yuan mark. The soy oil palm oil surge was still driven by the external market. CBOT soybean oil soared, Malaysian palm oil soared, Malaysian palm oil demand was strong and inventory pulled, leading to a surge in international vegetable oil prices, and domestic spot stocks linked with the market.

SunSirs agricultural product analysts believe that the current soybean oil palm oil prices have remained high and there is limited room for growth. In March, due to the opening of universities, middle schools and primary schools, concentrated consumption increased. Soy palm oil will continue to rise in the future.

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

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