According to the monitoring data of SunSirs, since the end of September, the soybean oil market has begun to rebound. After the festival, it has risen for three consecutive days, up more than 5%. On October 12, the average price of soybean oil market was 11,170 RMB/ ton, up 9.62% from the beginning of October; It was 11.48% higher than that on September 28.

The first positive factor: the external market pulled up, and soybean oil futures rose after the festival. During the National Day holiday, the fundamentals of soybean oil in the foreign market were positive. Boosted by the soaring crude oil market, Malaysian palm oil, American soybean oil and American soybean oil rose sharply. After the festival, soybean oil rose 410 RMB/ ton. On October 12, the soybean oil futures market continued to soar, with the main contract closing at 9,396 RMB/ ton, up 210 RMB/ ton.

The second positive factor: the supply is tight, and the spot market of soybean oil has hit new highs. During the National Day, most soybean oil plants shut down for maintenance, with a low startup rate. After the festival, they had not yet fully started up. The supply of soybean oil was tight. Soybean oil plants were mainly price fixing, and the price continued to rise despite a correction in the futures market. The price rose all the way to 11,200 RMB/ ton, a new high.

Li Bing, SunSirs agricultural product analyst believes that: the fourth quarter is the peak season for consumption of edible oil, supported by rigid demand at the terminal, blocked logistics and transportation, and cost support, soybean oil is expected to continue to operate at a high level in the future market in China.

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