According to the monitoring data of SunSirs, starting from May 11, the soybean oil and palm oil market rose in different ways, and the soybean oil oscillated up; the palm oil oscillated weakly. As of May 18, the average market price of soybean oil was 11,754 RMB/ton, an increase of 3.11%; the average market price of palm oil was 15,218 RMB/ton, a decrease of 0.92%.
Beginning on May 11, the trend of soybean oil and palm oil market began to differentiate. USDA's report was bullish on soybeans. Soybean oil was supported by the outer disk, and the price rose. In terms of palm oil, the price of palm oil showed a downward trend due to the drag of Malaysian palm oil.
The terminal demand for oils and fats turned weak, the rising space of soybean oil and palm oil market was limited, the spot market fell with the market. Soybean oil showed strong performance, and the price rose to 11,700 RMB/ton and the palm oil market continued at a high of 15,200 RMB/ton.
The agricultural product analyst of SunSirs believes that the fundamentals are still bullish, and the soybean oil and palm oil market outlook still has room for growth.
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