Commodity News

SunSirs: External Market has Risen, and China's Soybean Meal and Oils Have a Good Start after Labor Day

May 07 2021 08:42:15 SunSirs (Linda)

Due to the sharp increase in soybean oil and fat prices during the May 1st holiday, soybean meal and oil futures prices rose sharply after May Day. 3,625 yuan/ton, a single-day increase of 1.83%; average soybean oil market price of 9,670 yuan/ton, a single-day increase of 3.09%; average palm oil market price of 8,724 yuan/ton, a single-day increase of 4.23%.

During the May 1st holiday, Malaysia's palm oil export data was strong, and the US soybean planting season was hyped. The external CBOT soybeans, soybean meal, soybean oil, horse pan palm oil, and US soybean oil all ushered in rising prices. On May 6, even soybean meal opened up 70 yuan/ton, even soybean oil opened up 256 yuan/ton, and even palm oil opened up 176 yuan/ton. The futures market rose sharply, and the spot market rose. The mainstream spot price of soybean meal rose by 70 yuan/ton in a single day, the mainstream spot price of soybean oil rose by 300 yuan/ton in a single day; the mainstream price of palm oil rose by 200 yuan/ton in a single day.

After the holiday, soybean meal, soybean oil, palm oil was mainly driven by the external market, which opened a wave of supplementary increase mode. The negative factors are still there. Imported soybeans have increased in port and terminal demand has fallen. It is expected that the market will gradually usher in a callback after the surge.

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

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