SunSirs: The Continuous High Temperature in the Weather Leads to Poor Terminal Oil Consumption
June 02 2023 09:37:24
Latest price of soybean oil (May 31): 7088 RMB/ton Palm oil (May 31): 7012 RMB/ton bearish in the future
Key points of analysis: At the end of May, the weather continued to be hot, and terminal oil consumption was poor. The number of imported soybeans has increased, and Malaysian palm oil in the external market is in a production cycle. Futures are bearish, with multiple bearish factors weighing down. The soybean oil palm oil market continues to decline, with an enhanced role in palm oil substitution, making it relatively resilient to soybean oil decline.
Future forecast: The bearish situation is still ongoing, and it is expected that the soybean oil and palm oil market will continue to decline weakly in the future.
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