SunSirs: Under the Dominance of Bearishness, Soybean Oil and Palm Oil Prices Fell
July 06 2022 09:22:27 SunSirs (John)
Price trend
According to the monitoring data of SunSirs, soybean oil and palm oil continued to decline weakly in July, and prices fell endlessly. On July 1, the average market price of soybean oil was 10,250 RMB/ton; on the 5th, the average market price of soybean oil was 9,960 RMB/ton, down 2.82%; On July 1, the average market price of palm oil was 10,806 RMB/ton. On the 5th, the average market price of palm oil was 10,280 RMB/ton, down 4.87%.
Analysis review
Soybean oil and palm oil prices fell under multiple bearish pressures
Since July, the soybean oil and palm oil market continued to decline. Due to the weak terminal demand for oils and fats, soybean oil stocks were high, at 970,000 tons about. Coupled with the month-on-month increase in palm oil inventories, Malaysian palm oil and external soy futures performed poorly. Under the multiple negative pressure, soybean oil and palm oil staged a sharp dive, falling endlessly.
Market outlook
The agricultural product analyst of SunSirs believes that the current soybean oil and palm oil market has fallen to a low level, and the soybean oil and palm oil may stop falling to stabilize in the future.
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