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SunSirs: Soybean and palm oil prices are flat after Labor Day

May 15 2020 14:35:48     SunSirs (Molly)

1. Price Trend

The soybean oil commodity index on May 11 was 53.67, an increase of 0.1 points from yesterday, a decrease of 46.60% from the highest point in the cycle of 100.51 (2011-09-12), and an increase from the lowest point of 50.02 on December 18, 2018 7.30%. (Note: Period refers to 2011-09-01 to present)

 The palm oil commodity index on May 11 was 60.09, an increase of 0.46 points from yesterday, a decrease of 46.77% from the highest point in the cycle of 112.88 (2012-04-10), and an increase from the lowest point of 51.54 on December 16, 2018 16.59%. (Note: The period refers to 2012-03-01 to present)

According to SunSirs monitoring: after May Day, soybean oil palm oil rose weakly and still maintained a downward trend. On the 11th, soybean oil palm oil prices rebounded slightly, and it is still difficult to stop the downward trend. The average price of soybean oil market is 5486 yuan / ton, the price is down by 0.9% from the beginning of the month; the average price of palm oil market is 4748 yuan / ton, the price is down by 1.12% from the beginning of the month.

2. Market analysis

After May 1st, due to the sluggish terminal catering industry, the demand for oil and fat is weak, and the temperature in summer rises, and the oil and grease consumption is coming. In terms of raw materials, imported soybeans have successively arrived in Hong Kong, the operation rate of soybean oil plants has been restored, and the supply of soybean oil has gradually increased. Malaysia, a major palm oil producing country, is in a seasonal production increase cycle. The market expects Malaysian palm oil inventories to decrease by 10% month-on-month in April, mainly due to the negative external oil market. Soybean palm oil market is still in a weak position.

After the festival, the mainstream offer of soybean oil was 5400-5500 yuan / ton, the price dropped by about 50 yuan / ton compared with the beginning of the month. The mainstream quoted price of palm oil is 4,700-4,800 yuan / ton, which is about 100 yuan / ton lower than the beginning of the month. On the 11th, soybean oil palm oil continued to decline after being pulled by futures market, ushered in a tentative rise, limited increase.

Data: China ’s edible vegetable oil imports in April 2020 were 664,000 tons, and from January to April were 2.352 million tons, a decrease of 5.2% compared with the same period last year.

3. Future Forcast

SunSirs agricultural product analyst Li Bing believes that due to the lack of terminal oil consumption and the increase in the supply of imported soybeans, there is little room for future growth in soybean oil palm oil, and it will continue to operate mainly in a weak position.

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

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