National grain and oil information center news on March 16: 

on March 15, the soybean oil futures price of Dachang exchange fell, of which the main contract closed down 1.65% to 10230RMB/ton. The market price of first-class soybean oil in coastal areas was 10880 ~ 11500RMB/ton, down 220 ~ 250RMB/ton from the previous day. Among them, the quotation in North China is 10880 ~ 10900RMB/ton, that in East China is 10940 ~ 11480RMB/ton, and that in South China is 11280 ~ 11500RMB/ton. Recently, the transaction price of some downstream enterprises has improved significantly, and the transaction price of some downstream enterprises has been corrected.

Last week, the domestic soybean crush fell, the soybean oil output decreased, the delivery speed of downstream enterprises was average, and the soybean oil inventory continued to decline slightly. Monitoring shows that on March 14, the soybean oil inventory of major oil plants in China was 730000 tons, 10000 tons less than the same period last week, 80000 tons less month on month, 30000 tons less than the same period last year, and 450000 tons less than the average in the same period in recent three years. The domestic soybean supply is still tight, and it is difficult to increase the soybean crushing volume in March. It is expected that the short-term soybean oil inventory will remain at a low level.

As the negotiations between Russia and Ukraine continued, market concerns eased, and the international crude oil price quickly fell to less than US $100 / barrel. Malaysian palm oil will gradually increase, and Indonesia's domestic palm oil inventory will rise significantly. The market believes that the Indonesian government may adjust palm oil export restrictions, and palm oil supply is expected to improve in the later stage. The epidemic occurred in many places in China, which suppressed the price of oil. In late March, the amount of domestic soybeans arriving in Hong Kong will increase, the auction of imported soybeans from the State Reserve has been started, the tight situation of soybean supply is expected to be alleviated, and the quotation of soybean oil basis is expected to fall back from the high level. On the whole, the short-term tight oil supply at home and abroad still exists, the price is still supported, and whether there can be a trend decline remains to be seen. In the later stage, the evolution of the situation in Russia and Ukraine, the recovery of palm oil production and the spring sowing in the northern hemisphere are still the key factors affecting the fluctuation of oil prices. It is expected that the domestic soybean oil price will fluctuate sharply with the high level of the external market, and pay attention to preventing risks.

This week, the domestic oil price corrected sharply, and the oil price difference between beans and vegetables narrowed. On March 15, the contract price difference of 2205, the main part of soybean oil, was 2162RMB/ton, which decreased by 393RMB/ton compared with the same period last week, increased by 196RMB/ton month on month and 743RMB/ton year-on-year; The contract price difference of 2209 is 2025RMB/ton, which is 415RMB/ton lower than the same period last week. The spot price difference of soybean oil in the coastal areas of East China was 1810RMB/ton, which decreased by 430 RMB/ton compared with the same period last week, increased by 240RMB/ton month on month and 1030RMB/ton year-on-year.

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