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SunSirs: Soybean Oil and Palm Oil Market Declined in September

September 28 2022 10:35:16     SunSirs (Selena)

According to the monitoring data of SunSirs, in September, the market of soybean oil and palm oil declined in an overall weak way, with a large decline of palm oil, which was nearly 14%. At the beginning of the month, the average price of soybean oil market was 10,480 RMB/ ton. On September 26, the average price of soybean oil market was 9,990 RMB/ ton, down 4.68%. At the beginning of the month, the average price of palm oil market was 9,000 RMB/ ton. On September 26, the average price of palm oil market was 7,750 RMB/ ton, down 13.89%.

In August, the soybean oil market was mixed, with a maximum weekly decline of more than 6%, a maximum increase of 2.56%, and the biggest weekly decline at the end of the month. Soybean oil fell for two weeks in September, mainly due to the weakening of terminal catering demand, poor external market, and the overall decline of soybean oil. During the Mid Autumn Festival, the external market rose sharply, and after the festival, soybean oil continued to fall after a short rise. In the week of September 19, the soybean oil market was weak and consolidated. On September 26, the soybean oil market continued to fall, falling more than 2% in a single day.

In August, the market of palm oil was mixed, and its performance was lower than that of soybean oil. The maximum weekly decline was more than 10%, and the maximum increase was 2.49%. Like soybean oil, palm oil had the largest weekly decline at the end of the month. Palm oil fell first and then rebounded slightly in September. The basic situation is the same as that of soybean oil. During the Mid Autumn Festival, the external market rose sharply. After the Mid Autumn Festival, palm oil and soybean oil rose briefly and then continued to decline. In the week of September 19, palm oil fell by more than 1% compared with soybean oil. On September 26, palm oil fell significantly on a single day, falling more than 5%.

In September, the soybean oil and palm oil market mainly fluctuated and declined, and the USDA report boosted the market. The oil and fat market rose briefly, and then fell along the trend. The main reason is that the bad news is dominated by the bad news in the external market. The harvest of American soybeans is imminent. The weather hype theme is weak. Malaysia palm oil has entered the production increase cycle. The crude oil futures market has fallen sharply. Multiple negative factors have superimposed. The soybean oil and palm oil futures market has fallen from high to low, and domestic soybean oil and palm oil spot stocks have fallen with the market.

SunSirs agricultural product analyst believes that after the National Day holiday, soybean oil plants will focus on maintenance, and the rigid demand for terminal oil will increase. The soybean oil and palm oil market is expected to rebound from the bottom in China.

 

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