Dalian Soybean Oil Futures opened higher and rebounded on the 5th, and prices fluctuated higher. The main contract of 1301 closed at 9,038 yuan/ton, up by 24 yuan/ton. Today, even the beans and oils opened higher and rebounded, and overnight crude oil rose and the US dollar index fell below the support. However, even the legume oils and fats are still in a downtrend channel and they may oversold and rebounded in the short term. After all, at present, the macro market dominates the market. Before the Greek issue and global central bank policies are clear, investors need to be cautious. In operation, soybean oil is held carefully in the early days, and soybean meal can be selected for short-term operation within days.
The Chicago Board of Trade (CBOT) soyoil futures fell on Monday. July soybean futures contract closed lower in July, traders said, because traders took out the arbitrage position of doing more soybeans/short corn. July soyoil contract BON2 closed down 0.28 cents at 48.31 cents per pound.
In the international market, the data released by the US Department of Agriculture on June 4 showed that as of the May 31st week, the US soybean export inspection volume was 16.965 million bushels, and the previous week (as of September 15th week) was revised to 12.691 million bushels. The initial value was 12.14 million bushels. In the 2011/12 crop year so far, the total soybean export inspections in the United States have accumulated to 1.163363 billion bushels, compared to 1.379749 billion bushels in the same period in 2010/11.
Spot market, Tianjin area: China reserves offer, a soybean oil 9100 yuan / ton, Longwei offer, a soybean oil 8950 yuan / ton, China Textile offer, a soybean oil 9000 yuan / ton. In Guangzhou, traders offer: Level 1 soybean oil 8800 yuan/ton. In Rizhao Prefecture of Shandong Province, state three offer, grade 1 soybean oil 8,820 yuan/ton, grade 4 soybean oil 8650 yuan/ton. Henan Zhoukou area: oil plant price, a soybean oil 9100 yuan / ton, four soybean oil 8,900 yuan / ton.
Worries eased temporarily and even palm oil rebounded slightly. Dalian palm oil futures rebounded slightly in early trading on June 5, with the main contract of 1,301 yuan at 7702 yuan/ton, up 24 yuan/ton. Overnight palm oil palm oil continued to fall, the US beans bottomed out, domestic oil rebounded slightly today. People hope that the G7’s emergency meeting can help ease the worries about the debt crisis in Europe and ease market pessimism. Coupled with the correction of the US dollar index, it will also have a bullish support for commodity futures prices. However, market demand continued to be sluggish, and there was no obvious improvement in terminal demand. On the whole, before domestic consumption has been effectively started, it is difficult for domestic oils and grease to obtain substantial support. In the short term, palm oil is expected to continue its rebound, but space may be limited.
Malaysian palm oil futures fell to its lowest level during the year on June 4th, as the market worried about the global economy and has closed positions. Other commodity markets have also been generally sold. Palm oil futures closed below the 3,000 renminbi mark per tonne. For the first time since December 2011, weak economic data and the European debt crisis have caused investors to bearish the market. Indicator August palm oil futures FCPOc3 fell 1.6% to close at 2,958 MYR per tonne.
Sources said that the French and European executive committees hinted at supporting the use of the euro zone permanent bailout fund to assist banks in the euro area. The finance ministers of the Group of Seven (G7) and central bankers will hold an emergency meeting on Tuesday to discuss the debt crisis in the euro zone, which shows that the global war on the region is increasing its alertness. Although European officials are trying to convince investors that they can manage the escalating crisis, most market players still hold a negative view of the euro.
Domestically, domestic palm oil prices have also been sluggish with international prices. According to customs data, domestic imports of palm oil at 24 degrees in April were 355,000 tons, which was lower than the average level for the same period in the past five years. However, due to the slow recovery in demand, the port inventory in May remained at a level of over 950,000 tons. In addition, the cost of paying customs duty to the port in June is around RMB 8300/ton, which is RMB 700/ton lower than the average cost of shipping in May.
The Chicago Board of Trade (CBOT) soyoil futures fell on Monday. July soybean futures contract closed lower in July, traders said, because traders took out the arbitrage position of doing more soybeans/short corn. July soyoil contract BON2 closed down 0.28 cents at 48.31 cents per pound.
In the international market, the data released by the US Department of Agriculture on June 4 showed that as of the May 31st week, the US soybean export inspection volume was 16.965 million bushels, and the previous week (as of September 15th week) was revised to 12.691 million bushels. The initial value was 12.14 million bushels. In the 2011/12 crop year so far, the total soybean export inspections in the United States have accumulated to 1.163363 billion bushels, compared to 1.379749 billion bushels in the same period in 2010/11.
Spot market, Tianjin area: China reserves offer, a soybean oil 9100 yuan / ton, Longwei offer, a soybean oil 8950 yuan / ton, China Textile offer, a soybean oil 9000 yuan / ton. In Guangzhou, traders offer: Level 1 soybean oil 8800 yuan/ton. In Rizhao Prefecture of Shandong Province, state three offer, grade 1 soybean oil 8,820 yuan/ton, grade 4 soybean oil 8650 yuan/ton. Henan Zhoukou area: oil plant price, a soybean oil 9100 yuan / ton, four soybean oil 8,900 yuan / ton.
Worries eased temporarily and even palm oil rebounded slightly. Dalian palm oil futures rebounded slightly in early trading on June 5, with the main contract of 1,301 yuan at 7702 yuan/ton, up 24 yuan/ton. Overnight palm oil palm oil continued to fall, the US beans bottomed out, domestic oil rebounded slightly today. People hope that the G7’s emergency meeting can help ease the worries about the debt crisis in Europe and ease market pessimism. Coupled with the correction of the US dollar index, it will also have a bullish support for commodity futures prices. However, market demand continued to be sluggish, and there was no obvious improvement in terminal demand. On the whole, before domestic consumption has been effectively started, it is difficult for domestic oils and grease to obtain substantial support. In the short term, palm oil is expected to continue its rebound, but space may be limited.
Malaysian palm oil futures fell to its lowest level during the year on June 4th, as the market worried about the global economy and has closed positions. Other commodity markets have also been generally sold. Palm oil futures closed below the 3,000 renminbi mark per tonne. For the first time since December 2011, weak economic data and the European debt crisis have caused investors to bearish the market. Indicator August palm oil futures FCPOc3 fell 1.6% to close at 2,958 MYR per tonne.
Sources said that the French and European executive committees hinted at supporting the use of the euro zone permanent bailout fund to assist banks in the euro area. The finance ministers of the Group of Seven (G7) and central bankers will hold an emergency meeting on Tuesday to discuss the debt crisis in the euro zone, which shows that the global war on the region is increasing its alertness. Although European officials are trying to convince investors that they can manage the escalating crisis, most market players still hold a negative view of the euro.
Domestically, domestic palm oil prices have also been sluggish with international prices. According to customs data, domestic imports of palm oil at 24 degrees in April were 355,000 tons, which was lower than the average level for the same period in the past five years. However, due to the slow recovery in demand, the port inventory in May remained at a level of over 950,000 tons. In addition, the cost of paying customs duty to the port in June is around RMB 8300/ton, which is RMB 700/ton lower than the average cost of shipping in May.
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