SunSirs: After the Mid-Autumn Festival, Soy Oils in the Chinese Market Opened and Floated Green
September 23 2021 07:57:55 SunSirs (Linda)
After the Mid-Autumn Festival, the soybean oil futures opened in an all-round green. On September 22, even soybeans opened at 5950 yuan/ton, down 30 yuan/ton; even soybean meal opened at 3560 yuan/ton, down 6 yuan/ton, soybean oil opened at 8786 yuan/ton, down 126 yuan/ton, and palm oil opened at 8150 yuan. /Ton fell 170 yuan/ton.
Relatively speaking, the spot market performed fairly well. Soybean oils and fats rebounded after the sharp opening in early trading, mainly due to the unstable performance of the holiday futures market, the long-short market game, and the mixed ups and downs of the futures market.
In the spot market, domestic soybeans changed from new to old, and the overall market rose slightly. The mainstream quotations of soybean meal market rose slightly, the mainstream quotations were 3850-3900 yuan/ton, an increase of 10-20 yuan/ton. The spot market for oils and fats ushered in a rise after the opening sharp drop, and the spot market has ushered in an upward adjustment one after another. Soy oil spot prices rose slightly overall, mainstream quotations were 9,650 yuan/ton, prices rose by about 50 yuan/ton, palm oil prices fell slightly, mainstream quotations were 9,400 yuan/ton, and prices fell by about 50 yuan/ton.
Stocks of soybean oils and fats are at a low level, and the Eleven Soybean Oil Plants have been suspended for maintenance. The bullish factors are still there. After a short period of adjustment after the holiday, there is still room for soybean oils to rise.
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