News summary
The bean oil market is volatile and weak, the weather for US soybean planting is sensitive, and the strong trend of soybean meal has not changed. Soyoil and rapeseed oil in the oil market are supported by raw material costs, palm oil has increased seasonally and export demand has declined. Soybean oil futures prices fluctuated strongly and maintained a bullish mentality.
Newsletter text
[The futures prices of beans and oils fell into turmoil, and the fluctuations in market funds were limited] In the market trading on May 24, the futures prices of beans and oils fluctuated, and the futures prices of soybeans, soybean II and soybean meal generally showed a trend of volatility and weakness. The futures price of Bean One has received short-term support from the 30-day moving average, while the 5-day, 30-day and 60-day moving averages have become cohesive.wwwslot; Bean 2 gained support near the 10-day moving average; soybean meal futures fell below the 5-day and 10-day moving averages, while accompanying 1wwwslot.40,000 hands of Masukura. In the oil market, after soybean oil futures prices fell below the 8000 yuan mark, the price increased slightly.
[The bean market is affected by the weather, and the planting progress of U.S. soybeans attracts attention.] For the bean market, with the deepening of soybean planting activities in the United States, the impact of weather factors on market conditions continues to exist. Market analysts suggest that investors continue to pay attention to the weather conditions during the South American soybean harvest period, as well as the planting progress and weather impact of U.S. soybeans in the short term. These factors may cause U.S. soybean futures prices to maintain their current trend of easy to rise but not fall. At the same time, the pace of soybean exports from South America and North America will also affect the speed at which domestic imported soybeans arrive in Hong Kong.
[Turbulence in soybean meal futures may be inevitable, but the overall strength has not changed] Affected by external market, the soybean meal futures price has become turbulent, but the current strong trend has not changed. The strength of the market is mainly driven by supply, and the market is waiting for the cooperation of demand, thus maintaining a long-term operating mentality as a whole.
[There are significant differences among the three major oils in the oil market, and soybean oil and rapeseed oil are supported by costs.] In the oil market, the three major oil varieties of soybean oil, palm oil and rapeseed oil show a pattern of strong internally and weak externally, and prices are facing adjustment. At present, the market fundamentals are divided, with soybean oil and rapeseed oil being supported by their raw material costs, while palm oil is weak due to seasonal increases in production and declining export demand.
[The bean-palm price difference is repaired, and the substitution advantage of soybean oil is gradually decreasing] As the bean-palm price difference continues to be repaired, the price-performance advantage of soybean oil over palm oil may gradually decrease. Investors need to pay attention to the incremental changes in soybean oil substitution. Within the oils and fats sector, the U.S. soybean oil futures price is still the dominant indicator of the market. Although the domestic soybean oil futures price has slowed down, the overall trend still remains volatile and strong. It is recommended to maintain a bullish approach to the soybean oil market.