In April, the soybean oil palm oil counterattacked strongly, the price bottomed out, and the price rose and fell sharply at the beginning of the month. The counterattack market began to take place in the middle of the month, bottoming out and rising sharply. At the end of the month, the market continued to pull back after the surge, and palm oil performed better. At the beginning of April, the average market price of palm oil was 7,850 yuan/ton, and at the end of the month, the average market price of palm oil was 8,370 yuan/ton, an increase of 6.62%. At the beginning of April, the average soybean oil market price was 9,170 yuan/ton, and at the end of the month, the average soybean oil market price was 9,380 yuan/ton, an increase of 2.29%.
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%. Soybean oil market ushered in a big rise in April, bottomed out and rebounded. At the end of the month, it was suppressed by bad news, and it continued to pull back. The whole April rose by 2.29%.
Beginning in May 2020, palm oil and soybean oil prices have 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%. In April, palm oil rose more than soybean oil, and began to bottom out in the middle of the month, and oscillated at a high level at the end of the month, with an overall increase of 6.69%.
Bullish support soy palm oil bottomed out in mid-to-late April
At the beginning of this month, palm oil and soybean oil entered a period of high oscillations, prices rose and fell sharply, and the market lacked clear guidance. The export of palm oil from Malaysia was driven strongly. Soy palm oil once again ushered in an upward trend in the middle and late ten days. Institutional data shows that from April 1-20, Malay palm oil exports increased by more than 10% month-on-month. Malay palm oil in the outer market rose strongly. The futures market was boosted. Soybean oil palm oil inventories continued to be low and bullish support. Soybean oil palm oil spot prices rose sharply. From April 13th to 23rd, palm oil spot prices rose by more than 10%, and soybean oil spot prices rose by more than 6%.
Negative factors superimposed, soy palm oil continued to pull back at the end of the month
In the last week of April, due to the impact of the epidemic in India, demand for palm oil exports declined, and soybean oil storage continued. On May 7, China Grain Oil & Fat Company again sold 13,538 tons of imported soybean crude oil. Negative factors suppressed. Soybean oil palm oil itself was at a high level, and the market fell in response. Soybean oil fell nearly 2% on a weekly basis; palm oil was affected by the horse pan palm oil, relatively defensive, with mixed fluctuations, and the overall increase was 0.99%.
After May 1st, imported soybeans arrived in Hong Kong one after another, soy oil supply pressure doubled, Indian palm oil demand fell, and the bearish still remained, soy oil palm oil may weaken.
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