SunSirs: Bad News, Soybean Oil and Palm Oil Prices Plunged

According to the monitoring data of SunSirs, since the end of August, the domestic spot market of soybean oil and palm oil has plunged, and the prices have fallen one after another. Palm oil fell by 14%, and soybean oil fell by 7%. On August 29, the average price of soybean oil market was 10920 RMB/ ton, and on September 7, the average price of soybean oil market was 10,220 RMB/ ton, a decrease of 6.41%; On August 29, the average price of palm oil market was 9,736 RMB/ ton, and on September 7, the average price of palm oil market was 8,382 RMB/ ton, a decrease of 13.91%.

Since the end of August, the market of soybean oil and palm oil has plummeted, and has been dominated by oscillatory decline. By September 7, soybean oil and palm oil were relatively resistant to decline, with palm oil falling by more than 13% and soybean oil falling by more than 6%.

It is mainly because of the negative external market, the imminent harvest of us beans, the weakening of weather speculation, Malaysia's palm oil has entered a production increase cycle, the crude oil futures market has plummeted, the superposition of multiple negative factors, the soybean oil and palm oil futures market has plummeted, and the domestic soybean oil and palm oil spot market has followed the decline.

Domestically, soybean oil inventory is at the first line of 800,000 tons, with a week on week increase of more than 2%, palm oil inventory increased by 10%, and supply pressure increased. In addition, due to public events, the demand of the terminal catering industry fell, and the oil market was affected. The spot market of soybean oil and palm oil plummeted.

SunSirs agricultural product analyst said that it is difficult to improve the domestic demand for oil in the short term, and it is expected that the soybean oil and palm oil market will still be weak in China in the future.

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