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SunSirs: China's Soybean Oil & Palm Oil Staged like a Roller Coaster in May
May 25 2021 08:14:07SunSirs(Linda)

After May Day, the external market pulled up, and the spot market of soybean oil palm oil futures rose one after another. For several days, soybean oil rose 5.83% and palm oil rose 11.71%. Beginning on May 13, due to the substantial increase in the number of imported soybeans as raw materials, national regulation and bad news, soybean oil and palm oil have started high diving.

The external disk rose in early May, soy oil and palm oil rose continuously

Because the price of soybean oil on the outer disk rose sharply during the May 1st holiday, the soybean oil palm oil futures supplemented the rise after the holiday, and the futures market boosted, and the soybean oil palm oil spot rose with the market. Coupled with the good export data of Palm Oil Palm Oil, soy oil palm oil stocks are at a low level, supported by bullishness, and soy oil palm oil continues to rise. As of May 13, the average soybean oil market price was 9,926 yuan/ton, an increase of 5.83% over the pre-holiday market; the average palm oil market price was 9,350 yuan/ton, an 11.71% increase over the pre-holiday.

Negative dominates soybean oil palm oil continued to dive in late May

Beginning in late May, customs data showed that the quantity of raw soybean imports doubled. In April, my country’s soybean imports were 7.448 million tons and 28.627 million tons from January to April, an increase of 16.8% compared with the same period last year. As the downstream supply pressure of soybean oil is expected to increase, the palm oil palm oil in the palm oil sector is in a production increase cycle, coupled with the impact of the epidemic, the export is expected to decline, and the future price of external oils is lowered. Domestic policies have stabilized prices, terminal demand has been weak, and inventories have rebounded. With multiple negative pressures, soy oil palm oil started a diving market, and prices fell endlessly. Soybean oil fell by more than 7%, and palm oil fell by more than 6.5%.

SunSirs agricultural products analysts believe that the current oil and fats are in the callback period, and the price continues to fall sharply. The external news is still supported by multiple factors. The soybean oil palm oil market outlook should not be overly bearish.

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