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NCP affects vegetable oil consumption and livestock production, and new changes appear in vegetable oil and meal markets

By CnAgri 2020-03-30 20:35:46 Print Tel:861064402118-822 Email: chen.wang@boabc.com

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In February, NCP broke out in Wuhan and occurred sporadically in other provinces. The serious
epidemic has affected people's daily lifestyle and livestock production, as well as domestic
vegetable oil and meal markets. Soybean oil and palm oil prices fell by about 1000 yuan/ton,
while the soybean meal market, which had been weak, showed a strong rising trend and prices
generally rose.
First, soybean oil and palm oil prices have fallen sharply. The severe epidemic has led to
significant changes in the consumption pattern of domestic vegetable oil. The catering industry,
as an important channel of vegetable oil consumption, has been affected, while household
consumption has become the mainstream, leading to a sharp decline in vegetable oil
consumption. While the domestic vegetable oil supply is sufficient, the port oil inventory is high,
while the palm oil inventory is still significantly increasing, which makes the spot price of
vegetable oil drop significantly.
Second, the epidemic has led to a regional and periodic shortage in soybean meal supplies,
prompting recent price increases. At present, although most of the grain and oil enterprises
have resumed their work, the problem of lack of raw materials in the oil plants has gradually
emerged due to the limitation of soybean arrival in the ports. At the same time, the logistics
industry has not fundamentally recovered, affecting the transport of soybean meal and other
feed raw materials, which led to the recent soybean meal prices generally rose, and is expected
to continue to rise in March.
In the next few months, changes in China's vegetable oil and meal markets will continue to be
affected by NCP. It is expected that after April, with the gradual alleviation of the epidemic, the
oil and meal market supply and demand will return to normal status.
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