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State Administration of Grain: Domestic Oil Stocks Expected to Continue to Fall in October-November, Price Center of Gravity Continues to Shift Upward
Release time:
2024-11-07 10:00
Source:
China National Grain and Oil Information Center on October 30 news:
First, subsequent imports of soybean arrivals than the third quarter to reduce the arrival of soybean imports in October-November is expected to be 7 million tons and 8.5 million tons, subsequent oil mills will decline in soybean oil production, soybean oil stocks will gradually fall.
Secondly, the recent removal of some Canadian tariffs on electric vehicles to China has favored the arrival of canola imports in the fourth quarter, coupled with China's recent procurement of Russia, the United Arab Emirates canola oil increased, canola oil stocks are expected to stabilize at high levels in the fourth quarter...
Third, palm oil import arrivals are still low, and stocks are expected to remain low in the near future. Fourth, the global new season sunflower seed production decline, since August, international sunflower oil prices continue to rise, China's imports of sunflower oil profits decline, purchase orders reduced, is expected to continue to decline in the fourth quarter of domestic sunflower oil stocks. On the whole, it is expected that oil inventories will gradually fall in October and November, coupled with the current peak season of oil consumption, it is expected that the center of gravity of oil prices in the fourth quarter as a whole moved up.
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