Price trend
According to monitoring data from SunSirs, the soybean oil market continued to weaken this week due to bearish factors. On May 8th, the average price of soybean oil market was 8,188 RMB/ton. On May 10th, the average price of soybean oil market was 8,080 RMB/ton, a decrease of 1.32%.
Led by bearish factors, the soybean oil market continued to decline
After the May Day holiday, the consumer demand for oil and fats in the terminal was average, and the number of imported soybeans to ports increased. According to customs data, China imported 7.263 million tons of soybeans in April, an increase of 6% month on month. China's soybean import volume from January to April was 30.29 million tons, an increase of 6.8% compared to 28.36 million tons in the same period last year. Under multiple bearish factors, the soybean oil market was mainly weak and declining, with the average market price falling to the line of 8,000 RMB/ton.
Market outlook
Agricultural product analysts from SunSirs believe that the demand for oil at the terminal was sluggish, and the volume of imported soybeans to ports was increasing. The rise of soybean oil market in the future will still be under pressure.
