SunSirs: The Market of Soybean Oil and Palm Oil Fell in January 2023

According to the monitoring data of SunSirs, since January, the market of soybean oil palm oil has not performed well, and the price has fallen mainly. Compared with soybean oil, palm oil declined significantly. At the beginning of the month, the average price of soybean oil market was 9460 RMB/ton. On January 29, the average price of soybean oil market was 9,222 RMB/ton, down 2.52%. At the beginning of the month, the average price of palm oil market was 8,356 RMB/ton. On January 29, the average price of palm oil market was 7,630 RMB/ton, down 8.69%.

After the New Year's Day, the centralized consumption level of oil terminal catering demand is general, and the demand is poor. Malaysia palm oil continued to decline, the US soybean oil market weakened, and multiple negative effects were superimposed. The soybean oil palm oil market entered a downward channel, with prices falling one after another, and the market rose weakly. As of January 10, the overall decline of soybean oil was more than 3%, and that of palm oil was more than 8%.

In the middle of the month, near the Spring Festival, the soybean oil plants have been shut down for maintenance. The supply of soybean oil is tight, and the market is rising. Due to the poor terminal demand and the approaching of the Spring Festival, the market of soybean oil palm oil has gradually become weak and stable.

At the end of the month, after the Spring Festival, the futures market has not yet opened, soybean oil manufacturers and palm oil trading entities have not entered the market, and there is no quotation for soybean oil palm oil.

SunSirs agricultural product analyst believes that since February, the demand for oil in the terminal catering industry is still in the off-season, and the price of soybean oil palm oil in the future is under pressure.

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