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SunSirs: Breaking 10,000 yuan, China's Soybean Oil Prices Hit a Record High

March 09 2021 09:15:47     SunSirs (Linda)

According to data monitoring by SunSirs, on March 8, 2021, the average price of the first-class soybean oil market has easily exceeded 10,000 yuan. The last time soybean oil was in the first line of 10,000 yuan was in 2012. Nine years have passed. Soybean oil once again reached the 10,000 yuan mark. Create a new record high.

U.S. soybean production cuts boosted, soy oil broke 10,000 yuan twice in 2012

In 2012, due to the impact of the drought, the expected reduction in US soybean production increased sharply, the supply of raw soybeans was tight, the soybean futures soared, and the spot price of soybean oil exceeded 10,000 yuan twice, a surge in the first quarter, a surge in the third quarter, and even the highest When the price was high, edible oil companies were still being interviewed. After the bullish news was fulfilled, the price of soybean oil began to plummet and the price returned to the front line of 8,900 yuan. The price of soybean oil in 2012 has been between 8,500-10175 yuan/ton.

Oversupply, soy oil has opened a long way to decline

Soybean oil has started a long way to decline since 2013, and the price has repeatedly hit new lows, falling to the first line of 5,800 yuan/ton. In 2017, the price of soybean oil reached a small peak, and the highest price was only about 7,300 yuan/ton. Then the weak downward channel was opened again, and the price fell even more sharply. At the end of 2018, soybean oil even fell below 5200 yuan/ton. Compared with 2012's ten thousand yuan, the decline is close to 50%.

Soybean oil begins to rise in 2019 and returns to the 10,000 yuan dream in 2021

In the second half of 2019, soybean oil began to exert its strength, palm oil rose, the biodiesel policy supported, and bullish factors took turns. The highest price of soybean oil at the end of the year returned to the line of 7,000 yuan, an increase of more than 36% throughout the year. In the first four months of 2020, due to the lack of demand in the terminal catering industry, prices fell for four consecutive months, and the road to rise began in May, and the price has risen to 8686 yuan/ton at the end of the year. Over the year, it rose by more than 23%. By 2021, in only three months, soybean oil has soared in crude oil, insufficient stocks in soybean oil plants, and supported by multiple bullish factors. Soybean oil rose by more than 300 yuan/ton at the opening of early trading on March 8, and the spot price has already Over 10,000, an increase of nearly 18% from January 1.

SunSirs agricultural product analysts believe that the surge in soybean oil prices is mainly due to the external market, crude oil surges, extreme weather in the United States, delays in the arrival of Brazilian soybeans, and soybean oil plant shutdowns for maintenance and other factors. At present, it has risen to a historical high, and the market outlook is limited. As soybean oil plants start to operate one after another, the tight supply of raw soybeans eases, and soybean oil will gradually usher in a callback.

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