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SunSirs: China Soybean Oil Market Rose First and then Fell in October
October 26 2022 14:45:21SunSirs(Selena)

According to the monitoring data of SunSirs, in October, the price of soybean oil rose first and then fell, leading to a roller coaster ride. On October 1, the average price of soybean oil market was 10,190 RMB/ ton, and on October 25, the average price of soybean oil market was 10,750 RMB/ ton, up 5.5%.

The soybean oil market showed polarization in October, rising sharply and falling sharply. It is mainly divided into two stages: rapid rise in the first half of the month and rapid decline in the second half.

In the first half of the month, the soybean oil market continued to rise, up 10.32%.

Soybean oil rose sharply in the first half of the month, mainly due to the rising external market and tight supply. 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 futures market rose, the spot market rose until October, and the mainstream quotation rose to 11,242 RMB/ ton.

With the coming of holidays, most soybean oil plants shut down for maintenance, with a low startup rate. They have not yet fully started up after the holidays. The supply of soybean oil is tight. Soybean oil plants are mainly priced, with tight supply. The spot market of soybean oil has hit new highs. On the premise that the futures market has been corrected, the price has been rising for half a month, rising all the way to 11,200 RMB/ ton, a new high.

In the second half of the month, the bad news hit, and the soybean oil market started the diving mode, down 4.38%.

After the festival, soybean oil continued to rise sharply. After the external market profits were gradually realized, soybean oil started the diving mode, and the market fell all the way. The overall decline was more than 4%, down to 10,750 RMB/ ton, down nearly 5%. This round of decline is mainly due to the fact that Malay palm oil is in the production increase cycle. After the festival, soybean oil plants have started up one after another. The tight supply situation has eased, and the soybean oil inventory has returned to the first line of 800,000 tons. Negative factors dominated the soybean oil market in the second half of the month.

SunSirs agricultural product analyst believes that since November, the positive factors of the external market still exist. In addition, the edible oil terminal has entered the peak season, and the future market of soybean oil is expected to rise in China.

 

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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