SunSirs: China Soybean Oil Market Diving
August 05 2022 14:28:49 SunSirs (Selena)
According to the monitoring data of SunSirs, since July 29, the soybean oil market has been diving, opening a downward channel, and has fallen until early August. On July 29, the average market price of soybean oil was 10,620 RMB/ ton, and on August 4, the average market price of soybean oil was 10,170 RMB/ ton, with a decrease of 4.24%.
Since the end of July, the hype atmosphere for the weather of meidou in the outer market has declined, and the good news has been exhausted. Soybean oil has ushered in a downward trend, and the price has fluctuated and fell, with a decline of more than 4%. At the beginning of August, due to the low inventory of soybean oil, there was an occasional rebound. The substitute palm oil was depressed by the Malaysian palm oil market in the outer market, and the market continued to decline, limiting the room for soybean oil to rise, and soybean oil fell with the market.
SunSirs agricultural products analyst said: the demand for terminal oil is flat, and the future rise of soybean oil is still weak in China.
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