Summary:
The large quantity of imported soybeans and imported rapeseeds expected by the market has yet to be confirmed, and the oil plants are still operating at a low level, and the supply is limited.Spot is expected to continue to have upward traction on futures prices
Futures Daily
Recently, the overall center of gravity of the oil and fats sector has gradually risen, while temporarily maintaining its operation in the previous range. Rapeseed oil is the strongest and relatively independent, while soybean oil and palm oil are relatively weak.
“Because the current time point is two months away from the delivery of the main 01 contract, the price of oil and fat has gradually been affected by the shrinking basis. The overall oil and fat spot, except for palm oil, is still at a historically low level, and the spot is relatively resistant to falling. And the market expects The arrival of a large number of imported beans and imported rapeseed in Hong Kong has yet to be confirmed, and the start-up of oil plants has remained low, and the supply is limited. It is expected that the spot will continue to have an upward traction on futures prices. ” Guohai Liangshi Futures analyst Sun Xiao said that for In the future, the real turnaround of oil prices may also require the actual recovery of domestic downstream catering demand to provide support.
“For the overall oil and fat, because the energy price is still at a high level, the marginal support brought by biodiesel makes the oil price have no room for a sharp decline, but there is still pressure above, and this round of rise is not expected to be very sustainable. The market outlook is still oscillating and bearish.” Bian Shuyang, an agricultural product analyst at Nanhua Futures, said that the uncertainties lie in the weather problems in the soybean production season in South America, as well as the supply chain phase problems caused by the export of Black Sea grains and the geopolitical situation.
Ukraine has sounded air defense alarms in many places, and Ukraine said it may resume peace talks with Russia in the second half of 2023
According to Ukraine’s Channel 24 report on the 12th local time, the capital Kyiv and many eastern, southern and western states of Ukraine sounded air defense alerts.
According to the Interfax news agency, on the 12th local time, the head of the parliamentary group of the Ukrainian People’s Servant Party, Allahamia, said that Ukraine may resume peace talks with Russia in the second half of 2023.
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