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SunSirs: Foreign Disk Gains Dtruck, China's Soybean Oil and Palm Oil Rose Strongly

November 09 2020 09:57:27     SunSirs (Linda)

According to data monitoring by SunSirs: Since November, the oil and fat market has continued to rise on the basis of the sharp rise that started in mid-to-late October. As of November 6, the average soybean oil market price was 7866 yuan/ton, a 3.1% increase from the price in early November. Prices rose by 10.9% in early October. The average market price of palm oil was 6,882 yuan/ton, up 1.59% from the beginning of November, and 9.03% from the price of early October.

According to the monthly increase and decrease of soybean oil from January to October 2020, it can be seen that the price of soybean oil has been falling for the first 4 months, and the price of soybean oil has been rising for the next 6 months. The maximum increase in July exceeds 12%, and the increase in soybean oil in August and October Both are around 7 points. At the beginning of November, soybean oil continued to rise rapidly. On the basis of the 7.57% increase in soybean oil in October, it rose by 3 points.

According to the monthly rise and fall of palm oil from January to October 2020, it can be seen that palm oil has fallen for four consecutive months and has risen for six consecutive months. The largest decline in February was more than 20%. The biggest increase was in July, exceeding 12%. Compared with soybean oil, palm oil performed poorly in September, rising only 0.13%, and October was relatively close to soybean oil, rising 7.32%. At the beginning of November, palm oil, like soybean oil, ushered in a rise, with a smaller increase than soybean oil. In October, it rose by 1.59% based on a 7.32% increase.

Good news, China's soybean oil palm oil ushered in a big rise

Since November, news has appeared frequently. The U.S. election is imminent, and expectations for improvement in Sino-U.S. relations have increased. Crude oil and U.S. soybeans both performed strong in foreign markets. In addition, affected by the La Nina weather, Malaysia’s palm oil production estimate in October has been lowered by more than 9%. , Inventory estimates are lowered by 8%. Domestic soybean oil stocks are at the first line of 1.25 million tons, a week-on-week decline of over 1.5%. Multiple bullish factors have increased. Soybean oil has led the palm oil market to rise sharply during the performance period. Soybean oil rose by more than 100 yuan/ton in a single day in the first week, and the overall increase was more than 3%. Palm oil rose by 50-100 yuan/ton in a single day, and the overall rise was close to 2 %.

SunSirs agricultural product analysts believe that in the fourth quarter of the peak season for traditional oil and fat consumption, the news is changing and the bullish factors remain, and the market outlook for oils is still expected to rise.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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