SunSirs: The Soybean Oil and Palm Oil Market Fluctuated and Fell in October

Price trend

According to the Commodity Market Analysis System of SunSirs, since October, the market for soybean oil and palm oil had weakened, with a significant decline in soybean oil. At the beginning of the month, the average price of soybean oil market was 8,526 RMB/ton. On October 26th, the average price of soybean oil market was 8,046 RMB/ton, with a price drop of 5.63%. At the beginning of the month, the average price of palm oil in the market was 7,480 RMB/ton. On October 26th, the average price of palm oil in the market was 7,340 RMB/ton, with a price drop of 1.87%.

Negative factors led to a decline in the soybean oil palm oil market in October

Soybean oil: After the Double holiday, the soybean oil market oscillated and plummeted. During the National Day holiday, the external oil market declined, and after the holiday, the soybean oil market fell by over 3%. Starting from the 10th, the soybean oil market oscillated and rose to the 18th, with an increase of over 3%. After the 19th, the soybean oil market once again experienced a downward trend, with prices continuing to decline by over 2% until the end of the month. Throughout October, soybean oil overall fell by 5.63%.

Palm oil: In October, palm oil oscillated and fell, with a trend similar to that of soybean oil. At the end of the month, the market rose significantly, but the overall decline was smaller than that of soybean oil. After the holiday, palm oil fell by over 4%. Starting from the 10th, the palm oil market was driven by the soybean oil market, ushering in an upward trend. It rose to the 18th, with an increase of nearly 4%. After the 19th, the palm oil market also experienced a decline, and towards the end of the month, driven by futures prices, the palm oil market rebounded significantly. Throughout October, palm oil fell by 1.87%.

Market outlook

SunSirs’ agricultural product analysts believe that the external market of Malay palm oil is in the midst of an increase in production cycle, and the external market is still bearish. In the future, the soybean oil and palm oil market may be mainly weakly downward.

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