Soybean oil and palm oil continued to perform strongly in September, and the price hit a record high. Soybean oil broke the ten thousand yuan mark, and palm oil rose to a high of 9760 yuan, a record high in 8 years. Throughout September, soybean oil rose 4.58% and palm oil rose 5.56%.
Since July, the price of soybean oil has been mixed on a weekly basis, with a maximum increase of more than 3% and a maximum decrease of more than 2%. By August, soybean oil rose more and fell less on a weekly basis, and continued to rise, and it rose for two consecutive weeks at the beginning of the month. In September, soybean oil was still in the situation of weekly increase and decrease, and continued strong operation, with the highest increase of more than 2.7%.
Soybean oil has been at a historical high throughout the first nine months of 2021, and it remains high. On September 27, soybean oil rose to the top line of 10,000 yuan/ton, a record high in 8 years. From 2014 to 2020, soybean oil is at 5,700-7,100 yuan/ton, and the price of soybean oil is currently close to 4,300 yuan/ton higher than the lowest price. The market is booming and prices are skyrocketing.
The weekly increase and decrease of palm oil was significantly stronger than that of soybean oil. In July, soybean oil fell for only one week, with a decrease of only 0.36% and a maximum increase of 1.67%. Beginning in August, palm oil's growth rate expanded, with a maximum increase of 3.25%, which was only a one-week decline, with a decrease of 3%. Palm oil continued its strong pattern in September, with the highest increase still exceeding 3%.
In the first nine months of 2021, palm oil, like soybean oil, will remain high. A record high in 8-year history. On September 27, palm oil rose to 9760 yuan/ton, the highest of the year. From 2014 to 2021, the price of palm oil is in the range of 4700-6300 yuan/ton. The current price of palm oil is more than 5,000 yuan/ton higher, which is the highest price in history.
Soy palm oil has been relatively strong since September. From September 1-9, soybean oil rose 3.7% and palm oil rose 4.44%. Beginning on September 10, due to the negative impact of palm oil in Malaysia, soy oil palm oil has gradually ushered in a callback. From September 10th to 13th, soybean oil fell by 1.02%, and palm oil fell by 2.11%.
After the Mid-Autumn Festival, affected by the holiday, oils and fats started to drop after a short period of adjustment. Due to the power restriction policy, soybean oil plants in Tianjin were shut down. Near National Day, the soybean oil plants in Northeast China have plans to shut down. Soybean oil plants shut down, soybean meal and soybean oil supply is tight, palm oil's own inventory is low, and the stock market is nearing October 11, soy oil palm oil has soared. Soybean oil, palm oil rose sharply. Soybean oil rose more than 200 yuan/ton in a single day, rising to close to ten thousand yuan, hitting historical highs repeatedly. Palm oil followed the rise, and the price also exceeded one hundred in a single day. The mainstream quotation rose to 9,700 yuan/ton. .
Towards the end of the month, due to the high price of soy oil palm oil, the price of soy oil reverted back to 9900 yuan/ton, and palm oil fell to 9580 yuan/ton.
Soybean oil plants were shut down for maintenance during the National Day, and supply tightened. Soybean oil palm oil still has room to rise in the future.
