According to the monitoring data of SunSirs: starting from June 21st, palm oil has started a continuous rise in the market. Soybean oil has performed relatively poorly and has risen and fallen sharply, and the overall market has shown an upward trend. As of July 12, the average market price of palm oil was 8,927 yuan/ton, with a price increase of 11.07%, and the average market price of soybean oil was 9,096 yuan/ton, with a price increase of 4.36%.
According to the weekly chart of palm oil from April 19 to July 11, 2021, it can be seen that palm oil in the second quarter was significantly stronger than soybean oil, rising for several weeks, from April to May, the highest weekly increase was close to 7%. In the middle of the month, palm oil also started a continuous decline, with the biggest weekly decline in the week of June 14, as high as 8%. On June 21, palm oil ended its decline and began to rise for three consecutive weeks. On July 12, the average market price of palm oil was 8,927 yuan/ton, an increase of 3.66% from the beginning of July.
According to the weekly chart of soybean oil from April 19 to July 11, 2021, it can be seen that in the second quarter, soybean oil has been in a big ups and downs, with the biggest weekly decline in mid-June, close to 9%. On June 21, after a sharp drop in soybean oil, it began to rise for two consecutive weeks. In the first week of July, it fell by 2.05%. As of July 12, soybean oil was down 0.22% from the beginning of July.
External disk market boosts palm oil, leading soybean oil back to the rise
Beginning on June 21, palm oil and soybean oil ended the diving market and began to restructure a new wave of rising prices. The main reasons are: US soybean planting period, the subject of weather speculation is still there, and market bullish expectations increase. On the 21st, soybean meal, soybean oil, palm oil futures spot collectively ushered in a rebound, soybean meal rose close to 100 yuan/ton in a day, and soybean oil rose close to 150 yuan in a single day /Ton, palm oil rose close to 200 yuan/ton in a single day. Due to the auction of soybean oil national reserve and the low season for oil consumption, soy oil palm oil ushered in a callback after the surge.
Entering July, due to the strong export data of Malay palm oil from the external disk, the MPOB report showed that June output increased to 1,606,187 tons, an increase of 2.21%, and exports increased by 11.84% month-on-month to 1,418,800 tons. Crude oil prices have risen, palm oil in the external market has continued to rise, and palm oil has continued to be strong, and the spot price of palm oil has continued to rise. From July 1 to 12, palm oil rose by 3.66%. Boosted by the palm oil market, soybean oil also started to stop falling and rising. From July 7th to July 12th, soybean oil rose 3.18%.
It believes that the external market of Malay palm oil is in a cycle of increasing production, with greater inventory pressure, and the oil consumption is in the off-season. The market outlook for soybean oil palm oil is not strong enough, and it will still usher in a callback.
