Newsletter summary

The oil market first suppressed and then rose in April.Solchicksio, the differentiation among varieties is obvious. Malaysia's palm oil production exceeded expectations.SolchicksioInventories fell more than expected, but the market was lower. The weather in Europe affects rapeseed production, and the domestic supply of rapeseed oil is abundant. The oil market is expected to maintain range volatility, focusing on rapeseed oil long-month contracts and inter-variety price difference trading opportunities.

Text of news flash

[the performance of palm oil market is weak, and the change of supply and demand pattern at home and abroad has aroused concern.] in April, the oil market experienced the fluctuation of first suppression and then rise, and the differentiation among varieties was significant. Malaysian palm oil market data showed that horse palm stocks fell in March, production and exports exceeded expectations, but the market reacted coolly to the bullish factors. The price of domestic rapeseed oil rebounded due to the bad weather in Europe, while soybean oil is expected to enter the accumulation stage with the increase in the number of soybeans arriving in Hong Kong. The Malaysian palm oil market was weak, with inventories falling sharply in March, but failed to boost sentiment. According to MPOB, inventory fell by 10% at the end of March.Solchicksio.68%, output increased by 10%Solchicksio.57%, exports increased by 28.61%, and consumption dropped to 300000 tons. The increase in production and exports did not drive up prices, but led to a continued decline in the market. The price of palm oil in Indonesia also fell, and the bidding price of CPO decreased when it entered the period of increasing production. Indonesia's exports of crude palm oil fell 31 per cent in February from a month earlier and are expected to rise to 1.85 million tons in March. The POGO price difference is at a low level in the same period of history, which is beneficial to the blending of raw firewood, but the consumption of raw firewood declined in March and April. > < with the increase of soybean storage in the domestic soybean oil market, the crushing volume and opening rate gradually increase, and it is expected that it will enter the accumulating stage. The crushing capacity of soybeans is about 6.45 million tons in March and may reach 6.7 million tons in April. The commercial inventory of soybean oil has decreased month-on-month, and the sowing of beautiful beans is faster than in previous years, and it is expected that the sowing will proceed smoothly. Commercial inventories in the domestic palm oil market continue to decline, but ship purchases increase in the far month, and inventories are expected to stop falling and stabilize in May. On the demand side, palm oil price volatility intensified, spot transactions declined, downstream on-demand procurement. The spot spread of soybean palm fluctuates, and the YP09 contract has the logic of expanding bargain-hunting. The price of domestic rapeseed oil market rebounded due to the bad weather in Europe. Rapeseed and rapeseed oil crushing production decreased in March, while imports increased to a historically high level in the same period. The inventory level of rapeseed oil is on the high side, the base difference is low, the price of European rapeseed oil FOB is rising, and the import profit is deepened. > < the overall upward momentum of the oil market is insufficient, but the falling space is limited, and it is expected to maintain range volatility. The operation is more difficult, it is recommended that light positions do long oil for bargain, and pay attention to arbitrage and option strategies. Rape oil supply-side disturbance, you can consider buying a long-month contract at a low price, with more rapeseed oil and empty soybean brown. >