Intercontinental Exchange (ICE) rapeseed futures closed lower on WednesdaywipeouttelevisionshowSuffering from profit-taking. Overnight vegetable oil 2409 contract closed up 0wipeouttelevisionshow.13%。Recently, Canadian production areas have experienced beneficial rainfall, which has put pressure on seed prices. In terms of other oilseeds, Malaysia has entered the season of increasing production, and supply pressure has increased, while exports have performed poorly and inventories are expected to increase. The United States has not increased taxes on China's waste edible oil, good rumors have failed, and the Brazilian National Commodity Supply Company (CONAB) unexpectedly raised its forecast for Brazilian soybean production in 2023/24 to 1.wipeouttelevisionshow.47685 billion tons, 1.16 million tons or 0.8% higher than the previous month's forecast of 146.52 million tons. The weakening of US soybean oil has dragged down the trend of the domestic oil market. Domestically, the operating rate of oil plants remains high, pressure on vegetable oil output still exists, and oil plant inventories continue to be high, and the market supply is abundant. At the same time, as the temperature rises, the market demand for oils weakens, resulting in weak shipments of vegetable oil, and many traders report that they cannot move goods. The fundamental support of rapeseed oil itself is relatively limited. On the market, the fall in seed prices weakened cost support. Vegetable oil fluctuated within a narrow range overnight, and the spread of vegetable palms widened and continued to be held.
Researcher: Cai Yuehui
Futures qualification number: F0251444
Futures investment consulting certificate number: 20013101
Assistant Researcher: Li Qiurong
Futures qualification number: F03101823
disclaimer
The information in this report comes from publicly available information. Ruida Futures Co., Ltd. strives to be accurate and reliable, but does not guarantee the accuracy and integrity of this information. Based on this investment, we are responsible for it. This report does not constitute personal investment advice. Customers should consider whether any opinions or suggestions in this report are consistent with their specific circumstances. The copyright of this report is onlywipeouttelevisionshowIt is owned by our company. Without written permission, no institution or individual may copy, copy or publish it in any form. If cited or published, it must be indicated that the source is the Research Institute of Ruida Futures Co., Ltd., and this report shall not be cited, abridged or revised that violates the original intention.
