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Chinese domestic soybean oil stocks at ports fell to 915,000 tons as of December 3, down 29.62% from mid-July. Vegetable oil consumption shifted toward soybean oil as palm oil prices rose sharply, with soybean oil consumption up over 85% year on year in November.
The soy-palm spread narrowed from 1,273 to 607 yuan per tonne.
Tightening Chinese soybean oil supplies and substitution demand from palm oil support soyoil prices, and a shift toward soyoil also supports palm oil's relative demand picture.
jiaaoplasticizers.comDec 25, 2019Not enough comparable past events yet for a historical read.
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.
