According to the monitoring data of SunSirs, in November, the terminal demand was sluggish, and the power of the external market was insufficient. After the soybean oil market rose, the price continued to fall by more than 5%. Since the middle of the year, the market has rebounded and is still weak due to negative factors. On November 1, the average price of soybean oil market was 10,292 RMB/ ton, and on November 22, the average price of soybean oil market was 9,866 RMB/ ton, down 4.14%.

In November, the soybean oil market continued to be weak and downward, mainly divided into two stages. In the first half of the month, the market rose sharply and then took a slide. In the second half, the rise was under pressure.

Phase I: In the first half of the month, from November 1 to November 2, the external market rose, and the price of soybean oil rose 2.66%. From November 3-5, the demand was sluggish, the soybean oil inventory was high, and the price fell by 5.84% in a slide. From January to November 15, the market of soybean oil fell 3.85% as a whole due to the mixed situation.

Phase II: In the second half of the month, the soybean oil market continued to fall and then rebounded. From November 16-19, the price rose by 0.74%. From the November 20-23, demand was sluggish, and bad news dominated. The soybean oil market continued to decline weakly, down 1.85%.

The main reasons for the sluggish rise of soybean oil market in November are as follows:

External market: South American soybeans are in the sowing time, with frequent weather themes. The external market is favorable, and Indonesia is considering increasing the mixing rate of palm oil based biodiesel. The global economy is in recession, and the profits are exhausted. The oil market is weak as a whole.

Futures side: the futures price of oil and fat in the external market is weak, the domestic market is lack of confidence, and the bad news is dominant, and even the soybean oil is falling with the market. The main contract of soybean oil continued to decline, with a daily drop of 150-200 RMB/ ton, or 1.5-2%, for several days. The futures market is weak, the spot traders are not willing to support the price, and the spot market of soybean oil rebounds weakly, oscillating and falling.

Demand side: The boom of the catering industry in the oil terminal has declined, the profit has shrunk, the centralized consumption level of oil has been depressed, the terminal enterprises have poor enthusiasm for soybean oil procurement, and the demand for oil has declined as a whole as soon as it is collected and used. The peak season is not prosperous, the traders generally take the goods, the transaction is flat, and the soybean oil market is under pressure.

SunSirs agricultural product analys believes that: in December, the demand of the terminal catering industry has increased. The growth period of South American soybeans in the external market is still favorable, and the soybean oil market may rise in China in the future.

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