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SunSirs: Soybean Oil and Palm Oil Rose and Fell Differently in August, rose 3.56% and 0.36% Respectively as a Whole
August 31 2021 08:47:04SunSirs(Linda)

In August, the trend of soybean oil palm oil began to diverge, and soybean oil was stronger than palm oil. Soybean oil rose 3.56% overall, and the price was close to 9,600 yuan/ton. After the sharp rise and fall of palm oil, the overall rise was 0.36%, continuing to be the front line of 9,100 yuan/ton. Throughout August, soybean oil palm oil was at a high level.

Long-short game August Soybean oil oscillated and palm oil oscillated broadly

In early August, soy palm oil plunged sharply due to negative news. In the first three days, soybean oil fell by 3.31%; palm oil fell by 3.37%.

On August 4, after the sharp drop in palm oil and soybean oil, demand for biodiesel is expected to increase. Palm oil stocks are low, at 300,000 tons. Supported by bullishness, palm oil and soybean oil once again ushered in a rebound, with a single-day increase of more than 1%. Because of the increased substitution of palm oil, the price gap with soybean oil has narrowed.

In the second week of August, the MPOB report data was released. The data showed that domestic consumption of palm oil in July was 286,000 tons, an increase of 30,000 tons of inventory from the previous month: In July, palm oil carried over inventory was 1.496 million tons, a decrease of 118,000 tons from the previous month. Inventory decreased and consumption increased, which was obviously bullish. Soybean oil palm oil futures spot rose for two consecutive days. Soybean oil saw a weekly increase of 2.41% and palm oil saw a weekly increase of 3.25%.

In the third week of August, soybean oil and palm oil ushered in supplementary gains due to the large gains in the external market over the weekend. On August 18, the news came out with more bullish news. The market was mainly bearish. The terminal stock market gradually ended. The soybean oil palm oil market took a sharp turn. The futures stocks plunged, and the stocks fell with the market. Soybean oil fell 2.59% weekly, and palm oil fell 3% weekly.

In the fourth week of August, under the support of the futures market, the price of soybean oil and palm oil rose for several days. Mainly because the Mid-Autumn Festival is approaching, the rigid demand for soybean oil palm oil has increased. Soybean oil stocks have dropped to 870,000 tons, and palm oil stocks are about 410,000 tons, which is still at a low level. Coupled with the large decline in soybean oil palm oil in the previous period, the market is more bullish. Driven by the big rise in the futures market, soybean oil palm oil once again staged a counterattack market, and after the big rise, it slightly corrected. Soybean oil saw a weekly increase of 1.59%, and palm oil saw a weekly increase of 2.6%.

At the end of August, soybean oil and palm oil continued to diverge. Soybean oil showed a slight increase, while palm oil declined slightly. On the 30th, soybean oil rose 0.31% in a single day, and palm oil fell 0.44% in a single day.

Soy oil palm oil has been showing a strong market this year, with prices continuing to record highs. After the sharp drop, the market will usher in a big rise. The golden nine and silver ten are approaching, soy palm oil will continue to be strong.

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

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