According to SunSirs data monitoring, after the National Day, soybean oil palm oil staged a sharp rise under the support of the external market. Although there was a short high diving after the big rise, it still did not resist the rise of soybean oil palm oil. By November, soybean oil palm oil continued to oscillate, and palm oil, due to its own reasons, had a smaller increase than soybean oil. As of December 7, the average price of soybean oil in the market was 8,316 yuan/ton, an increase of 17.25% from the beginning of October. The average market price of palm oil was 6,812 yuan/ton, an increase of 7.92% from the beginning of the decade.
According to the monthly rise and fall of soybean oil from October 2019 to October 2020, it can be seen that soybean oil rose sharply in October and December in the fourth quarter of 2019, with an increase of 8-9 points, and its performance in November was poor, with a decrease of 0.26%.
From January to November 2020, the soybean oil market rose more and fell less. Only the first four months have been falling. Soybean oil has been rising since May, and the maximum increase in July was more than 12%. In August, October and November, the increase in soybean oil was 7 About a point. Soybean oil continued to rise in the first week of December, with an increase of 2.46%.
According to the monthly rise and fall of palm oil from October 2019 to October 2020, it can be seen that in the fourth quarter of 2019, palm oil performed better than soybean oil. In the peak season of oil consumption in the fourth quarter, palm oil soared for three consecutive months. Palm oil rose at 12.26%, and palm oil rose the most in December, rising by 17.56%.
In the first 11 months of 2020, palm oil fell for 4 consecutive months, and the palm oil market began to improve in May, rising for 7 consecutive months, with the largest increase in July, exceeding 12%. Palm oil's performance in the fourth quarter was not as good as that of soybean oil. In October, the increase was relatively close to that of soybean oil, rising 7.32%. Palm oil prices rose by only 0.77% in November. Palm oil rose 1.04% for the first week in December.
Bullish support, soybean oil palm oil continues to rise
During the National Day, due to the impact of the La Nina weather, concerns about the reduction in Malay palm oil production are expected to increase, and the export of Malay palm oil is expected to increase in October. Bullish support, palm oil continued to rise in the market, soybean oil, South American soybeans delayed planting, and US soybeans performed strongly. After the National Day, soy oil palm oil ushered in a supplementary gain, and the market rose sharply. Soybean oil rose by more than 5 points, and palm oil rose by more than 7 points. In mid-October, the soy oil palm oil market fell after the surge. Throughout October, soybean oil palm oil rose by more than 7 points.
Although both soybean oil and palm oil were rising in November, the increase in palm oil was significantly lower than that of soybean oil. Soybean oil rose by 7 points overall, while palm oil rose by only 0.77%. Soybean oil palm oil surged in November, which was mainly driven by U.S. soybean news. Soybean oil's own stocks were low, at the first line of 1.18 million tons, which was more resilient. Palm oil has poor resilience. Due to the drag of Malaysian palm oil from the external market, palm oil is still showing a significant decline and the momentum for the rise is insufficient.
Since December, soybean oil palm oil is still strong, rumors of soybean oil purchases and storage delays, India's palm oil tariff policy, Malay palm oil stocks are at a low level, and bullish factors remain. Soy palm oil continues to rise.
SunSirs agricultural product analysts believe that as New Year's Day is approaching, the stock market for oils and fats will start, and the end demand will be supported. Soybean oil palm oil will continue to rise but not fall in the future.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.