Price trend
According to monitoring data from SunSirs, since April, the soybean oil and palm oil market was mixed, with a narrow range consolidating. On April 1st, the average price of soybean oil market was 8,868 RMB/ton. On April 12th, the average price of soybean oil market was 8,856 RMB/ton, with a price decrease of 0.14%. On April 1st, the average market price of palm oil was 7,768 RMB/ton. On April 12th, the average market price of palm oil was 7,838 RMB/ton, with a The factors affecting the decline of soybean oil palm oil market in this round were as follows:
Supply side: The coastal inventory of imported soybeans in China was 2.658 million tons, a decrease of 210,000 tons from 2.868 million tons in the previous week, higher than 2.353 million tons in the same period last year, and slightly lower than the five week average of 2.988 million tons. The decrease in inventory of imported raw materials for soybeans was favorable for the soybean oil market.
Malaysian ITS export receipts: From April 1 to 10, 2023, the cumulative export volume was 322,985 tons, compared to 501,514 tons in the same period last month, a decrease of 178,529 tons or 35.60%. Malaysia's palm oil export data had declined, which was bearish for the palm oil market.
Inventory: As of April 7th, the commercial inventory of domestic soybean oil was approximately 630,000 tons, a decrease of 0.79% compared to the previous week; The commercial inventory of palm oil in China was about 920,000 tons, a decrease of 1.96% compared to the previous week. Soybean oil palm oil inventory had decreased, which was favorable for the soybean oil market.
Market: South American soybeans were concentrated on the market, and US soybean oil futures prices continued to decline. The global demand for vegetable oil consumption was poor, and the external oil market was weakening. Dalian soybean oil futures fell with the market, while soybean oil spot prices continued to decline, and palm oil prices were suppressed.
Demand: The consumer demand in the terminal catering industry had declined, coupled with the continuous decline in soybean oil prices. Food and beverage enterprises slowed down their stocking, and they purchased when needed, and demand was weak. The soybean oil market continued to be weak and declined, and the substitute palm oil market was also mainly weak.
Market outlook
Agricultural product analysts from SunSirs believe that the bullish factors in the oil market are still present, and it is expected that soybean oil and palm oil may experience another sharp rise in the future.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.