SunSirs: Soybean Oil and Palm Oil Prices rose in July

According to the Commodity Market Analysis System of SunSirs, since July, the soybean oil palm oil market has fluctuated and fluctuated, with a significant increase in soybean oil,. At the beginning of the month, the average price of soybean oil market was 7,948 RMB/ton. On July 27th, the average price of soybean oil market was 8,464 RMB/ton, with a price increase of 6.49%. At the beginning of the month, the average price of palm oil in the market was 7,578 RMB/ton. On July 27th, the average price of palm oil in the market was 7,802 RMB/ton, with a price increase of 2.96%.

Soybean oil: Starting from July, the soybean oil market has seen an upward trend. At the beginning of the month, the market rose significantly, with an increase of nearly 3%. After the sharp rise of the market, the main trend is sustained high oscillation. The main reason is that the external market for American beans has been driven by an increase, and the soybean oil market has been supported. Due to the hot weather, the demand for oil is relatively flat, and inventory remains high. The continuous upward momentum of the soybean oil market is insufficient, and the average market price continues to be around 8,400 RMB/ton, with an overall increase of nearly 6.5%.

Palm oil: In July, the palm oil market experienced a sharp rise and fall, with an overall oscillatory rise, not as high as soybean oil, with an overall increase of nearly 3%. Supported by the bullish US bean market, the soybean oil market continues to rise, boosting the palm oil market. Due to the fact that Mapan palm oil is in the production cycle and the market is still bearish, coupled with poor demand for terminal oils, the overall performance of palm oil is not as good as soybean oil, with an average market price of 7,800 RMB/ton, an increase of only half of soybean oil.

SunSirs agricultural product analyst at SunSirs, believes that in August, the weather continued to heat up, and the demand for oil and fat consumption was in the off-season. It is expected that the soybean oil and palm oil market will continue to surge in the future without sufficient momentum.

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