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Dumping storage affects the rhythm of bean supply, slowing down the decline in oil and fat prices

  • Category:
    Industry News
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  • Release time: 2024-04-30

On Thursday, the decline in the soybean oil market slowed down, with soybean prices generally falling by more than 1%.

After the release of the bidding announcement for imported soybeans from the China Grain Reserves website starting next Tuesday, the soybean futures prices have been generally under pressure and have fallen due to expected selling pressure. From a distribution perspective, they mainly connect with the import distribution center and sales area markets, which is helpful for on-site digestion. The quantity of 300000 tons is less than the weekly consumption of domestic oil plants, and the substantial impact on the market is relatively limited. Moreover, psychological changes dominate price expectations.

Today, with the easing of the selling pressure on the oil futures market, the meal futures price fell by more than 1% during the day. With the improvement of weather conditions in the production areas and the latest inspection report showing that the number of soybean pods is higher than the same period last year, the influence of weather speculation on prices has weakened, and the market has begun to pay attention to whether seasonal highs have already emerged. We believe that weather changes are still an important factor affecting soybean yield, but the weight of their impact on prices will gradually shift away from market demand. At the same time, it is necessary to pay attention to the weather situation changes at the beginning of South American soybean planting, which means that weather speculation may gradually shift from the northern hemisphere to the southern hemisphere.

Under the dual influence of weather speculation and market demand, the pattern of easy rise but difficult fall in US bean futures prices is still continuing. This means that the cost support of the domestic soybean market will continue to exist, which will also constrain the adjustment space of short-term meal futures prices.

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