本周豆油价格或震荡走高

Core Viewpoint - The domestic soybean oil market is expected to experience a slight rebound this week due to limited inventory pressure and planned shutdowns by some enterprises, despite the downward pressure from Malaysian palm oil inventory accumulation [1][3]. Group 1: Price Trends - As of last Thursday (November 6), the domestic first-grade soybean oil price was 8378 yuan/ton, with a week-on-week increase of 3 yuan/ton, or 0.04%. The weekly average price was 8358 yuan/ton, reflecting a decrease of 35 yuan/ton, or 0.42% [1]. - The soybean oil price was under pressure due to the accumulation of palm oil in Malaysia, but international soybean price increases provided cost support, limiting the price decline [1]. Group 2: Supply and Demand Dynamics - Domestic soybean oil inventory has decreased, and demand has improved, providing support for the soybean oil market. As of October 31, port soybean oil inventory was 1.1808 million tons, down 3.27% from the previous period [3]. - The operating load rate of major soybean crushing enterprises has declined, leading to a decrease in soybean oil production. The total soybean crushing volume for the week was estimated at 2.0658 million tons, with soybean oil production around 371,800 tons, a decrease of 58,100 tons and 10,500 tons respectively from the previous week [3]. - Despite the weak soybean oil market last week, downstream markets increased purchases at lower prices, with the total transaction volume of scattered oil from major oil plants being approximately 90,300 tons, a slight increase of 12,400 tons from the previous period [3]. Group 3: Future Outlook - The upcoming release of the latest supply and demand data by Malaysia MPOB on November 10 is expected to show an increase in palm oil production and inventory for October, which may negatively impact the oilseed market and limit soybean oil price increases [3]. - However, due to increased shutdowns for maintenance by some enterprises, soybean oil supply is expected to be limited, and the strong pricing mentality among enterprises suggests that soybean oil may experience a volatile upward trend this week [3].