After the Spring Festival, soybean oil palm oil ushered in a rising trend, and soybean oil performed relatively strongly. Palm oil was affected by the external market of Malaysian palm oil. There was a sharp correction in early March. Due to the low soybean oil inventory and the support of the biodiesel policy, the soybean oil palm oil market once again ushered in a big rise, rising for nearly half a month. On March 16, the highest point of soybean oil rose to 10266 yuan/ton, up 14.5% from before the Spring Festival; the highest point of palm oil rose to 8554 yuan/ton, up 11.79% from before the Spring Festival.
On March 17th, bad news hit, soybean oil dumped reserves, Malaysian palm oil futures prices fell sharply, domestic soybean oil palm oil futures fell, and the spot price plunged. The average spot price of soybean oil was 10,116 yuan/ton, a single-day drop of 1.46%; palm oil spot prices were average The price was 8,248 yuan/ton, down 3.58% in a single day.
After the Spring Festival, soybean oil has maintained a rising trend, with the highest increase in the first week after the holiday, close to 6%. Since March, the increase in soybean oil has declined somewhat, but the upward trend is still maintained. In mid-March, the increase in soybean oil increased. On the 17th, China's grain storage news began to dump on the 19th, and the price of soybean oil plummeted, with a daily decline of nearly 1.5%.
After the Spring Festival, palm oil has maintained a rising trend, with the highest increase in the first week after the holiday, close to 9%, and its performance for two consecutive weeks has been stronger than that of soybean oil. The palm oil market began to dive in March, with a drop of nearly 3%. In mid-March, under the strong support of Malay palm oil, palm oil resumed its upward trend. On the 17th, Malay palm oil futures prices fell, soybean oil dumped reserves, and multiple bad news suppressed. Palm oil prices plunged sharply, surpassing soybean oil, with a daily decline of nearly 4%.
Bad news suppresses soybean oil and palm oil high diving
After the Lunar New Year, crude oil led the gains, and soy palm oil ushered in a supplementary gain due to the extreme cold weather in the US. Beginning in March, soybean oil plants' soybean meal expansion warehouses were shut down, soybean oil inventories were low, Malaysian palm oil exports were strong, and the external market rose sharply. Supported by multiple bullish factors, soybean oil palm oil continued to perform strongly, with prices hitting historical highs repeatedly, and soybean oil once exceeded 10,000 yuan. Yuan, palm oil also rose to 8,500 yuan/ton. Soy oil palm oil continued to rise sharply and ended on March 17. The rising sentiment came to an abrupt end and the high platform dived. What happened? Let the soy oil palm oil stop its momentum?
Soybean oil storage hit, Malay palm oil began to decline, the bad news came, soy oil palm oil prices rose one after another callback. According to the official news of China Grain Reserve, at 14:30 pm on the 19th, bidding for soy oil sales began. Variety: Imported soybean crude oil, production period: 2019 Quantity: 20,875 tons. Because soybean oil palm oil has been at the ceiling market, mainly due to the low stocks of soybean oil, Malay palm oil is strong, the dumping of reserves hits, the pressure of soybean oil supply has increased, and the bullish news of Malay palm oil has been gradually digested by the market. Therefore, the bad news is hitting soybean oil palm oil. Start diving.
SunSirs agricultural product analysts believe that the current soybean oil inventory is still at a low level. At the 750,000 tons front line, the news of Malay palm oil external disk is also positive. The market outlook should not be overly bearish. We still need to pay attention to the soy oil reserve transaction situation.
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