On April 10, the bean oil market fluctuated significantly. The futures price of Douyi fell to the 10-day moving average, while the price of Douji sought support near the 60-day moving average. The price of soybean meal remained high due to the decline in the operating rate of oil plants and the increase in demand from downstream feed enterprises. In the oil market, Malaysian palm oil production has rebounded, export demand is strong, and inventories are expected to fall below 1.8 million tons. The future price of palm oil is supported by the increased demand for biodiesel and the removal of stocks in the domestic market, but the stronger price of soybean oil and sunseed oil may affect consumption expectations. Despite the short-term turmoil, the strong pattern of the oil market has not changed.
On April 10, the bean oil market fluctuated in different ranges. Soybean futures prices showed a volatile trend, soybean prices fell to the 10-day moving average, soybean prices are looking for support near the 60-day moving average. At the same time, soybean meal prices remained above the 5-day and 10-day moving average, while rapeseed meal prices fluctuated above the 20-day moving average. In terms of oil and fat, the price of soybean oil remains above the 10-day moving average, while the price of palm oil falls by more than 1%, seeking support from the 20-day moving average.
The soybean meal market has been affected by the decline in the operating rate of oil plants for five consecutive weeks, and the spot supply is relatively tight in the short term. Due to the low level of physical inventory in the same period in the history of downstream feed enterprises, the demand for passive replenishment has increased. In addition, some feed enterprises increase the proportion of soybean meal to accelerate the elimination of soybean meal inventory in oil plants. Together, these factors support the price of soybean meal. Investors need to pay attention to the long-term purchase rhythm of oil factories and changes in the basis of soybean meal, and the contradiction between supply and demand in the market in April will be more affected by demand.
In the oil market, Malaysia's palm oil production has gradually rebounded, and the market is concerned about the changes in its export demand. At present, Malaysian palm oil exports remain strong and stocks are expected to fall below 1.8 million tons by the end of March. With the rise of international oil prices, the demand for palm oil to biodiesel increases. The import profit window of the domestic market has been closed, the recent purchase of ships has been reduced, and the elimination of stocks has supported the price of palm oil futures. However, the price of palm oil is stronger than soybean oil and sunseed oil, which could weaken its consumption expectations in the oil sector. Recently, the price trend of international oil futures has been different, and the price of oil meal and the price difference between oil and fat have entered the repair stage. Despite the short-term turmoil, the strong pattern of the oil market has not changed. Risk Tip of Hexun self-selected WriterSpadespokerhouseThe above content is only the views of the author or guest, does not represent any position of Hexun, and does not constitute any investment suggestions related to Hexun. Before making any investment decision, investors should consider the risk factors related to investment products according to their own circumstances and consult professional investment advisers if necessary. Hexun tries its best but cannot confirm the authenticity, accuracy and originality of the above content, and Hexun does not make any guarantee or commitment.
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