Dragged down by the sharp decline in international oil prices, the domestic oil and fat sector came under significant pressure today

Yesterday, the CBOT soybean oil market saw high-level volatility. Driven by today’s sharp plunge in crude oil, the U.S. soybean oil market will significantly follow the decline. Yesterday, the Malaysian palm oil market fluctuated and fell back; today it will track a dramatic pullback in the crude oil market. Domestic soybean crushing volume decreased, and soybean oil inventories also declined, providing support for prices to strengthen. The situation in the Middle East is complicated and intertwined; the sharp drop in crude oil will weaken speculative trading related to palm oil’s biofuel demand. The Middle East situation remains a key focus affecting sentiment-driven fluctuations in the oilseed and oils market. With international oil prices plunging, the domestic oils and fats sector will face significant pressure today. Domestic oils and fats spot prices are under pressure at high levels and are weakening in line with futures; both soybean oil and palm oil are showing a corrective trend. (Feed Industry Information Network)