Soybean oil and palm oil prices rose slightly this week and then ushered in a sharp drop. Soybean oil market price at the beginning of the week was 9596 yuan/ton. On September 1st, the soybean oil market price was 9466 yuan/ton, the price dropped by 1.35%; the market price of palm oil at the beginning of the week was 9147 yuan/ton, and the market price of palm oil on September 1st was 9075 yuan/ton. The price fell by 0.79%.
Bad news strikes, soybean oil and palm oil rises after it starts diving mode
At the beginning of the week, driven by terminal Mid-Autumn Festival stocking demand, soybean oil palm oil continued to rise last week, and the price rose slightly. From August 30th to 31st, soybean oil prices rose by 0.21%; palm oil prices rose by 0.71%.
On September 1, agency data showed that the output of Malay palm oil from August 1-31 increased by 1.53%. Shipping survey agency SGS: Malaysia’s palm oil exports in August are estimated to decrease by 17.77% from the same period in July. Supply increased, exports fell, and multiple negative pressures suppressed the price of palm oil on the external disk. Domestic palm oil futures fell in line with the market. On September 1, palm oil futures fell by 2.26% in a single day, and the spot price fell by 1.49% in a single day. Affected by the palm oil market, soybean oil prices followed the decline, soy oil futures fell 1.3% in a single day, and the spot price fell 1.56% in a single day.
The news is negatively suppressed, soy palm oil has ushered in a callback. After the bad news, soy palm oil is still expected to continue to rise.
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