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China's Casde report raised its 2021/22 soybean oil import estimate by about 400,000 tonnes to 1 million tonnes, while palm oil imports were raised by 300,000 tonnes and rapeseed oil imports were cut by 400,000 tonnes. Analysts said Argentina is likely to benefit from the soybean oil demand, while US and Brazilian supplies are constrained by domestic biodiesel use.
Higher Chinese soybean oil import demand tightens global vegetable oil supply and supports prices, while the shift away from rapeseed oil may boost palm and soy oil. Stronger oil prices increase crush margins, raising meal output for feed buyers.
ofimagazine.comOct 29, 2021After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% over 20.
After 149 past bullish report events, Palm Oil moved a median +0.5% over 5 sessions (57% higher; middle half -1.1% to +1.8%), and +0.8% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
