On October 9th, the first trading day after National Day, soybean oil futures opened with a comprehensive decline. The decline in the spot market for soybean oil in this round is mainly due to the external market pressure. During the Double Festival period, crude oil plummeted, soybean oil fell, and the market for horse palm oil declined. The combination of multiple bearish factors led to a post holiday opening and a downward trend in the market, resulting in a comprehensive weak trend.

Morning trading: Liandou a2311 contract, opening price 5,060 RMB/ton, down 21 RMB/ton; The opening price of soybean meal a2401 contract is 3,930 RMB/ton, down 92 RMB/ton; The opening price of soybean oil y2401 contract is 8,020 RMB/ton, down 56 RMB/ton; The opening price of the y2401 contract for palm oil was 7,310 RMB/ton, down 158 RMB/ton.

Closing: Liandou a2311 contract, closing price 5,078 RMB/ton, down 6 RMB/ton; The soybean meal a2401 contract closed at 3,867 RMB/ton, down 133 RMB/ton; The soybean oil y2401 contract closed at 7,932 RMB/ton, down 166 RMB/ton; The closing price of the y2401 contract for palm oil was 7,172 RMB/ton, down 230 RMB/ton.

Spot: The futures market of soybean oil and fats has declined comprehensively, while the futures market has declined. The spot market has also declined with the market. The average price of yellow soybeans in the Heilongjiang region is 2.5 RMB/500g, a decrease of 0.99%; The average market price of 43% soybean meal is 4,532 RMB/ton, a decrease of 0.66%; The average market price of primary soybean oil is 8,378 RMB/ton, a decrease of 2.35%; The average price of 24 degree palm oil market is 7,266 RMB/ton, a decrease of 3.61%.

SunSirs agricultural product analyst believes that the fourth quarter is the peak season for oil consumption, with an increase in rigid demand for feed terminals. The future soybean oil market is expected to stop falling and rebound.

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