February 5 soybean oil palm oil vegetable oil futures daily

Dalian soybean oil futures closed higher and the external market rose to provide support.

　　On February 5, Dalian soybean oil futures opened lower, then fluctuated and rose, and closed higher at the end. The main contract reduces the volume and closes the Yang line.

　　On Friday, February 5th, the main soybean oil futures contract Y1009 of Dalian Commodity Exchange (DCE) opened at 7 210 yuan/ton and closed at 7,282 yuan/ton, rising by 32 yuan/ton, with the highest price at 7,318/ ton and the lowest price at 7,210 yuan/ton, with a turnover of 655,352 lots and a position of 659,320.

　　On Thursday (February 4th), the Chicago Board of Trade (CBOT) soybean oil market closed higher, mainly due to the favorable biofuel regulations announced by the US Environmental Protection Agency on Wednesday (February 3rd) and strong export sales. At the close, CBOT soybean oil rose by 0.28 to 0.33 cents, of which the March contract rose by 0.31 cents to close at 37.21 cents/pound; The May contract rose 0.32 cents to close at 37.68 cents/pound; July contract rose 0.33 cents to close at 38.13 cents/pound. Analysts said that the market speculated that the consumption of biodiesel would increase.

　　According to the Zhou Du Crop Report of February 4th of Buenos Aires Grain Exchange, Argentina’s soybean production in 2009/10 is expected to reach a record 52 million tons, 1 million tons more than the previous estimate. According to the data released by the US Department of Agriculture, as of the week of January 28th, the net export sales volume of soybeans in the United States in 2009/10 was 381,500 tons, and the export shipment volume was 1,275,000 tons. As of January 28th, 2010, in 2009/10 (starting from September 1st), the United States exported 16.5 million tons of soybeans to China, up from 11.06 million tons in the same period of 2009, up 49% year-on-year.

　　Analysts pointed out that the independent rise of the US soybean market has brought support to the domestic oil market. However, at present, the domestic oil supply is sufficient, so the futures rebound will face greater pressure. In addition, China Grain Reserve will sell the reserved soybeans in 2008, which will bring pressure to the domestic soybean market. In the short term, the domestic oil market will maintain a low consolidation trend.

　　Dalian palm oil futures opened lower and went higher on February 5, supported by spot.

　　On February 5, Dalian palm oil futures opened lower, then rose strongly, and fell back quickly in the late session. At the end of the session, the main contract positions increased and closed at the positive line.

　　On Friday, February 5th, the main contract 1009 of palm oil futures of Dalian Commodity Exchange (DCE) opened at 6,582 yuan/ton, with the highest at 6,728 yuan/ton and the lowest at 6,572 yuan/ton, and closed at 6,684 yuan/ton, up by 36 yuan/ton, with a turnover of 529,578 lots and a position of 295,658.

　　On February 5, Malaysia’s BMD crude palm oil futures market was mixed at midday, and the rebound of crude oil was expected to support the trend of BMD in the afternoon. The benchmark April crude palm oil contract closed down by RM 1 to RM 2,509/ton.

　　Analysts pointed out that palm oil inventories may fall back to about 2 million tons from a 13-month high of 2.24 million tons hit in December. Inventory may start to decrease from January, because the country is in a period of seasonal low production and the demand is still good.

　　On February 5th, NYMEX crude oil futures continued its overnight decline during the Asian electronic trading session on the 5th, and reduced the increase this week (the week of February 1st), which was attributed to the unexpected increase in the number of initial jobless claims in the United States in recent weeks, which triggered the market’s concern that the recovery of fuel demand might slow down, while the strengthening of the US dollar also weakened the demand for commodity futures. Analysts pointed out that the unexpected increase in the number of initial jobless claims in the United States has dealt a blow to the country’s oil demand prospects, and the market is worried that countries such as Spain and Portugal may suffer sovereign ratings downgrades due to the same debt problems as Greece.

　　Analysts pointed out that NYMEX crude oil futures fell weakly on the 4th, while BMD crude palm oil futures fluctuated slightly. Depressed by the strong dollar, the domestic oil futures price rebounded under pressure after opening lower on the 5 th. The expected high yield of soybeans in South America is an important reason for the pressure on oil futures prices. At present, the three major domestic oil contracts rebound near the golden section. In the context of inflation, the market is bullish. Analysts of Shihua Financial News believe that Malaysia’s palm export market has seen a substantial growth month-on-month, which is conducive to the trend of the external market. Investors should not be too bearish on oil before the holiday. It is expected that even palm oil will fluctuate and gain momentum, waiting for guidance from the external market.

　　Another analyst said that in the medium and long term, the overall tight supply pattern of the oil market has not changed. The weather in the later period determines the yield and quality of soybeans in South America, the planting area of soybeans competing with other crops and other factors. It is expected that the competition for long and short oil will intensify in the later period. From the disk, even palm oil rebounded strongly after opening lower, and the KDJ indicator diverged upward. It is expected that there will still be room for rebound in the near future.

　　Zhengzhou rapeseed oil futures rebounded and closed up, and oil and fat joined forces to strengthen.

　　On February 5, Zhengzhou rapeseed oil futures opened lower, then oscillated and rebounded, with a slight correction at the end of the session. At the end of the session, the main contract positions increased and closed at Xiaoyang Line.

　　On Friday, February 5th, Zhengzhou Commodity Exchange (CZCE) opened the rapeseed oil futures contract 1009 with an opening price of 7 870 yuan/ton and a closing price of 7,918 yuan/ton, up by 8 yuan/ton, with the highest price of 7,936 yuan/ton and the lowest price of 7,870 yuan/ton, with a turnover of 30,412 lots and a position of 60,158 lots.

　　On February 4th, ICE Canadian rapeseed futures closed up strongly, driven by improved demand and CBOT soybean oil futures. Among them, the March contract rose by 5.20 Canadian dollars to 382.20 Canadian dollars/metric ton.

　　CBOT soybean oil futures are supported by the statement of biofuel authorization from EPA officials. The rise of rapeseed is also driven by new export demand. Overnight BMD continues to rise and positions sold before repurchase also constitute a positive.

　　On February 5th, the purchase of rapeseed in Yueyang, Hunan Province came to an end. The listed purchase price of rapeseed in the local oil factory was reduced to 1.9 to 2 yuan/kg, and the price of fourth-grade vegetable oil was reduced to 8,700 to 8,800 yuan/ton.

　　On February 5th, NYMEX crude oil futures continued its overnight decline during the Asian electronic trading session on the 5th, and reduced the increase this week (the week of February 1st), which was attributed to the unexpected increase in the number of initial jobless claims in the United States in recent weeks, which triggered the market’s concern that the recovery of fuel demand might slow down, while the strengthening of the US dollar also weakened the demand for commodity futures. Analysts pointed out that the unexpected increase in the number of initial jobless claims in the United States has dealt a blow to the country’s oil demand prospects, and the market is worried that countries such as Spain and Portugal may suffer sovereign ratings downgrades due to the same debt problems as Greece.

　　Analysts pointed out that NYMEX crude oil futures fell weakly on the 4th, while BMD crude palm oil futures fluctuated slightly. Depressed by the strong dollar, the domestic oil futures price rebounded under pressure after opening lower on the 5 th. The expected high yield of soybeans in South America is an important reason for the pressure on oil futures prices. At present, the three major domestic oil contracts rebound near the golden section. In the context of inflation, the market is bullish. Analysts of Shihua Financial News believe that the early decline of Zheng Caiyou was mainly dragged down by the international crude oil market, and the introduction of policies such as the No.1 Document of the Central Committee was favorable. It is expected that under the support of the spot, Zheng Caiyou may continue to be under pressure in the short term.

　　Another analyst said that the international crude oil trend is weak, while the domestic oil demand is limited before the Spring Festival. From the disk, Zheng Caiyou is still in the double-top downward channel, and the possibility of further decline is not ruled out.

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