Sunirs: Negtive Pressure, China Soybean Oil Market scillated and declined
August 10 2023 09:55:07 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, since August 1st, the soybean oil market has oscillated and fallen, with a drop of over 1.3%. On August 1st, the average price of soybean oil market was 8,368 RMB/ton. On August 8th, the average price of soybean oil market was 8,254 RMB/ton, a decrease of 1.36%.
Since August, the weather has been hot, and the demand for terminal oils has continued to decline. Soybean oil inventories are high, and the favorable factors in the external futures market have gradually been digested by the market. The soybean oil market has shown weak growth and continued to decline, with mainstream prices dropping to 8,200 RMB/ton, a decrease of 100 RMB/ton.
SunSirs agricultural product analyst at SunSirs, believes that the demand for terminal oils is weak, and the future soybean oil market is still weak, with weak declines being the main trend.
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