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SunSirs: External Disk Boosts, China's Soybean Oil and Palm Oil Returns to Its Peak
March 24 2021 08:56:34SunSirs(Linda)

After the Spring Festival, the soybean oil palm oil market continued to rise, and palm oil suffered a short-term correction in early March due to the external market, and then continued to rise. Soybean oil palm oil rose to its highest point on March 16. Soybean oil rose nearly 15%, and palm oil rose more than 11%.

On March 17th, bad news hit, soybean oil dumped reserves, Malaysian palm oil futures prices fell sharply, domestic soybean oil palm oil futures fell, spot prices plunged, soybean oil palm oil fell for three consecutive days, soybean oil fell by more than 5%, palm oil fell by more than 5 %.

On March 23, news was boosted by the fact that US soybean oil rose sharply, Malay palm oil futures prices rose sharply, domestic soybean oil palm oil rose strongly, and returned to its peak market. Soybean oil rose by more than 1.5% in a single day, and palm oil rose in a single day. Over 3.5%.

After the Spring Festival, soybean oil has maintained a rising trend, with the highest increase in the first week after the holiday, close to 6%. Since March, the increase in soybean oil has declined somewhat, but the upward trend is still maintained. In mid-March, the increase in soybean oil increased. On the 17th, China Grain Storage News began to sell reserves on the 19th. Soybean oil prices plunged sharply. Soybean oil plunged more than 5% in the week of March 15. On the 23rd, the US soybean oil rose sharply, and the soybean oil market once again ushered in a big rise, rising 1.5% in a single day.

Palm oil has maintained a rising trend, with the highest increase in the first week after the holiday, close to 9%, and its performance for two consecutive weeks has been stronger than that of soybean oil. The palm oil market began to dive in March, with a drop of nearly 3%. In mid-March, under the strong support of Malay palm oil, palm oil resumed its upward trend. Malay palm oil futures prices fell on the 17th, and soybean oil dumped reserves on the 19th. The bad news suppressed the price of palm oil. The price of palm oil plummeted, surpassing soybean oil, and fell more than 5% for three consecutive days. On the 23rd, bullish factors struck, and the futures price of palm oil in the Malaysian market rose sharply. Palm oil once again ushered in a rise, rising by 3.58% in a single day.

U.S. soybean oil is rising, soy palm oil returns to its peak

After the Lunar New Year, crude oil led the gains, and soy palm oil ushered in a supplementary gain due to the extreme cold weather in the United States. Beginning in March, soybean oil plants' soybean meal expansion warehouses were shut down, soybean oil stocks were low, Malaysian palm oil exports were strong, and foreign markets rose sharply. Supported by multiple bullish factors, soybean oil palm oil continued to perform strongly, with prices hitting record highs repeatedly, and soybean oil once exceeded 10,000 Yuan, palm oil also rose to 8,500 yuan/ton. On the 17th, the price of soybean oil and palm oil plunged due to news of the dumping of soybean oil reserves, falling for several days in a row.

The news was bullish. Soybean oil in the United States rose sharply in the night trading. On the 23rd, the soy oil palm oil market opened sharply in the early trading. Palm oil rose more than 5% and soybean oil exceeded 4%. Domestic soy oil and palm oil spot prices rose with the market, soy oil prices returned to the ten thousand yuan line again, and palm oil prices continued to rush to the 8,500 yuan mark.

Malay palm oil exports are strong, palm oil performance is even brighter

While U.S. soybean oil led the soy oil palm oil surge, horse palm oil also showed an upward trend again. According to data from shipping agency Amspec, Malaysia's palm oil exports from March 1-20 increased by 6.8% month-on-month. According to data from the shipping agency ITS, Malaysia's palm oil exports from March 1-20 increased by 5.17% from the previous month. With strong export data, the foreign-market horse palm oil futures prices have risen, and multiple benefits have been combined. The single-day increase in the palm oil spot market is stronger than that of soybean oil, rising by more than 3.5%.

On the 23rd, all the soybean oil reserves were sold out. In addition to the low stocks of soybean oil palm oil, it is expected that soybean oil palm oil will remain high in the future.

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

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