Since March, the price of soy oil and palm oil has risen and fallen sharply. Due to the large drop at the end of the month, the overall diving is dominated. Soybean oil has fallen by more than 9%, and palm oil has fallen by more than 4%. After the Ching Ming Festival, soy oil palm oil began to rebound and once again ushered in a big increase. Soybean oil rose by 2.2% in a single day, and palm oil rose by more than 1%.
Beginning in May 2020, soybean oil prices have risen for 10 consecutive months. The highest increase was in July, with an increase of more than 12%. Soybean oil still rose by 10% in February 2021, and fell sharply in March, with a decline of more than 9%. After the Ching Ming Festival, the soybean oil market rose again, with a single-day increase of more than 2%.
Beginning in May 2020, the price of palm oil and soybean oil has risen for 10 consecutive months. The highest increase in soybean oil in 2020 will be July, an increase of more than 12%. Palm oil rose sharply than soybean oil in February 2021 by 12%, which was higher than the full year of 20201. In March, it fell sharply under the drag of soybean oil, with a drop of more than 7%. After the Ching Ming Festival, palm oil followed the footsteps of soybean oil and showed an upward trend, with a single-day increase of more than 1%.
Inventories are low, soy oil palm oil gains restart
Beginning in March, due to the expansion of soybean meal and the shutdown of soybean oil plants for maintenance, soybean oil stocks continued to be low. As of the week of April 2, soybean oil stocks had fallen to the line of 620,000 tons, a record low in 5 years. Coupled with the strong export of Malay palm oil, the shipping survey agency ITS data shows that from April 1st to 5th, Malaysia's palm oil export volume increased by 10.6% month-on-month. Bullish support, after the soybean oil palm oil continued to dive, the rally rebounded. After the Ching Ming Festival, even soybean oil and palm oil closed up more than 200 yuan/ton in a single day. The futures market boosted, and the spot market rose with the market. Soybean oil returned to the 9,300 yuan mark, and palm oil returned to the 8,000 yuan line.
At present, high-priced oil transactions are general, terminal oil demand is weak, and soybean oil palm oil is already at a historical high, the market outlook is expected to be insufficient for soybean oil palm soaring momentum, and callbacks will continue.
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