SunSirs: The Soybean Oil Market Rose in Shock under the Support of Bullish
February 24 2023 09:54:25 SunSirs (John)
Price trend
According to the monitoring data of SunSirs, from the middle of February, the futures price of the outer oil rose, supported by the bullish, and the soybean oil rose. On February 13, the average price of soybean oil market was 9,408 RMB/ton, and on February 23, the average price of soybean oil market was 9,676 RMB/ton, up 2.85%.
Terminal demand supported, soybean oil market recovered
In the middle of February, the consumption level of the terminal catering industry was fair, the manufacturer started a wave of replenishment market, and the spot market of soybean oil was active. The oil futures in the outer market performed well, with the soybean oil market mainly rising in an oscillatory way. The mainstream market price rose to the line of 9,700 RMB/ton, with a price increase of nearly 3%.
Market outlook
The agricultural product analysts of SunSirs believe that in March, the start-up rate of soybean oil plants increased, the market supply was loose, and the rise of soybean oil will still be under pressure in the future.
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