SunSirs: Soybean Oil and Palm Oil Prices Plunged in June

Price trend

According to the monitoring data of SunSirs, in June, the soybean oil and palm oil market began to dive sharply. On June 1, the average market price of soybean oil was 12,220 RMB/ton. On June 29, the average market price of soybean oil was 10,890 RMB/ton, down 10.88%. On June 1, the average market price of palm oil was 15,760 RMB/ton. On June 29, the average market price of palm oil was 12,190 RMB/ton, down 22.65%.

Analysis review

Under the dominance of bearishness, the soybean oil and palm oil market plunged in June

Beginning in June, the soybean oil and palm oil market has been sorted in a narrow range, and the market has been relatively stable. After the Dragon Boat Festival, due to the rise of palm oil in Malaysia, soybean oil and palm oil ushered in a wave of rising prices. Due to the weakening of terminal demand for oils and fats, soybean oil inventories were high, in addition, the number of imported soybeans increased. Under the negative pressure, palm oil and soybean oil fell after rising, and the market dived one after another. The mainstream quotation of soybean oil was 12,400 RMB/ton, and the mainstream quotation of palm oil dropped to 15,800 RMB/ton.

In mid-June, oil and fat futures prices in external disks fell one after another, and the soybean oil and palm oil market ushered in a weak decline. The mainstream quotation of soybean oil fell to 12,200 RMB/ton, and the mainstream price of palm oil fell to 14,900 RMB/ton.

At the end of June, the bullish price of oil and fat futures prices in the outer disk was exhausted, and under the negative pressure, the decline of soybean oil and palm oil continued, and the market continued to decline. The main quotation of soybean oil fell to 11,000 RMB/ton, and the main quotation of palm oil fell to about 12,200 RMB/ton.

Market outlook

The agricultural product analyst of SunSirs believes that the soybean oil and palm oil market is too high, the demand has turned weak, and the bad is coming. In July, the soybean oil and palm oil will continue to decline weakly.

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