SunSirs: Under the Dominance of the Negative, the Soybean Oil and Palm Oil Market Fell Sharply
June 21 2022 10:02:39 SunSirs (John)
Price trend
According to the monitoring data of SunSirs, after the Dragon Boat Festival, the soybean oil and palm oil market entered a downward channel, and they fell mainly. On June 20, the average market price of soybean oil was 11,810 RMB/ton, down 6.86% from June 7; the average market price of palm oil was 13,992 RMB/ton, down 13.84% from June 7.
Analysis review
Negative factors dominated, soy oil and palm oil prices dived
Malaysia's palm oil exports in May fell by 60% month-on-month, and from June 1 to 20, palm oil export data fell by more than 10% month-on-month. The external market was dominated by bad news, and the domestic palm oil market fell sharply, with a single-day drop of more than 5%, and the mainstream quotation fell below the 14,000-yuan mark. Soybean oil followed the footsteps of palm oil, and the price also showed a downward trend, with a decline of more than 2%, and the mainstream quotation was 11,800 RMB/ton.
Market outlook
The agricultural product analyst of SunSirs believes that after this round of sharp declines, soybean oil and palm oil may stop falling and rebound in the market outlook.
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- 2024-04-10 SunSirs: China Soybean Oil Market and Palm Oil Market Declined after the Qingming Festival
