[CBOT soybean oil futures price fell 3%Spaceinvaders.3%SpaceinvadersThe price of soybean oil futures on the Chicago Board of Trade (CBOT) fell 3.3% in the week of April 19, 2024, the lowest level since the end of 2020, after falling 6% in the previous week. The significant decline in international crude oil futures and Malaysian palm oil prices, as well as higher-than-expected soybean oil stocks in the United States, contributed to the decline in soybean oil prices. The fluctuation of international oil price affects the market price of soybean oil
The significant decline in international crude oil futures has a direct impact on the price of soybean oil. Because soybean oil can be used as the raw material of biofuel, its price is closely related to the price of crude oil. When the price of crude oil falls, so does the attractiveness of soybean oil as a biofuel, causing its price to fall.
Palm oil prices in Malaysia fall
As the world's largest palm oil producer, the decline in palm oil prices in Malaysia has also had an impact on the soybean oil market. As there is an alternative relationship between soybean oil and palm oil in food and industrial use, the decline in the price of palm oil will reduce the demand for soybean oil, which in turn will lead to a drop in the price of soybean oil.
Us soybean oil inventory exceeded expectations
U. S. soybean oil stocks are higher than market expectations, according to data released by the U.S. Department of Agriculture. The news had a negative impact on soybean oil prices, raising concerns about future soybean oil supply and demand expectations.
Speculative funds sell soybean oil aggressively
Against the backdrop of falling soybean oil prices, speculative funds have also contributed to the sell-off of soybean oil. According to data, the net position of speculative funds in the soybean oil futures market has reached an all-time high. This large-scale selling undoubtedly further aggravated the downward pressure on the price of soybean oil.
At present, there is still some uncertainty in the American soybean oil futures market, and market participants need to pay close attention to the trends of international oil prices, crude oil stocks, palm oil market and speculative funds in order to make more reasonable investment decisions. Hexun self-selected Stock Writer risk Tip: the above content is only the views of the author or guest, does not represent any position of Hexun, and does not constitute any investment advice related to Hexun. Before making any investment decision, investors should consider the risk factors related to investment products according to their own circumstances and consult professional investment advisers if necessary. Hexun tries its best but cannot confirm the authenticity, accuracy and originality of the above content, and Hexun does not make any guarantee or commitment.