In the first half of 2020, the price of a 20-liter barrel of soybean oil in large packages was 110 - 120 yuan, while now the price of a 20-liter barrel of soybean oil in large packages is 175 - 180 yuan, an increase of nearly 50%, a barrel of oil is more expensive than before 60 yuan.

So how did the selling price of soybean oil suddenly rise?

Soybean oil is extracted from soybeans with a certain consistency, a translucent liquid form of a fat. Soybean oil is mainly composed of high-level fatty acids and glycerol generated esters, its color is golden, soft in the mouth, plain and pure beauty, is the production of a variety of food one of the important vegetable oil.

China's consumption of soybean oil history is not very long, before the Song Dynasty, the people of our country mainly to consume animal fats and oils, supplemented by the consumption of sesame oil, and later, people learned from soybeans, rapeseed, tea seeds in the extraction of fats and oils technology, people began to consume soybean oil, as well as other vegetable oils.

According to 2017 statistics, China's annual consumption of vegetable oil (including food processing consumption) is about 32 million tons, of which, soybean oil consumption is about 9.8 million tons, basically accounting for less than one-third of all vegetable oil consumption. This shows that the demand for soybean oil by our residents is still very large.

We all know that soybean oil is extracted from soybeans in the fat, soybeans in general oil rate is generally between 15-22%, that is to say, a catty of soybeans can be extracted from one or two five to two two of the soybean oil, and the 9.8 million tons of soybean oil needed in our country need to be extracted from tens of millions of tons of soybeans. However, China's soybean production is not high, and the planting area is also limited. 2017, China's soybean production is only about 16 million tons, and, feed enterprises and other food industries need soybeans, which will lead to China has a huge demand for soybean imports. Therefore, China imports large quantities of soybeans from abroad every year.

The United States, Brazil and Argentina's soybean production is relatively high, and, the planting area is also relatively large, therefore, these three countries are the world's leading soybean exporters. Take the United States as an example, the United States will be about 38% of the annual soybean production for export, annual exports of about 30 million tons. And the U.S. is also one of the major importers of soybeans in China.

Because of the impact of the epidemic and other factors, in 2020, China's imports of soybeans from the United States has been reduced, at the same time, in Brazil, Argentina and other major foreign soybean producing areas are expected to decline in production has also led to a rise in foreign soybean futures, which raised the domestic production cost of soybean oil. In the case of a sharp rise in domestic soybean oil production costs, soybean oil sales prices will naturally rise sharply.

So, will soybean oil prices continue to rise?

According to CCTV financial reports, the recent arrival of soybeans has increased significantly, on average, every two or three days there is a 80,000-ton soybean freighter arrived in Ningbo Zhoushan port unloading, the hourly amount of soybean receiving and unloading has reached 1,000 tons. At the time of the reporter's interview, an 80,000-ton soybean freighter from the United States has just arrived. In addition, there are many soybean freighters are waiting to dock near the port. Just Ningbo Zhoushan Port, it is expected that in January 2021 there should be another 500,000 tons of soybean receiving and discharging volume, mainly will be unloaded from the U.S., Brazil and Argentina's soybeans. In the case of large imports of soybeans, the price of soybean oil is difficult to continue to rise.

Additionally, according to the CCTV financial reporter survey, the domestic soybean oil market inventory is still very large, and there will be no shortage of soybean oil, not to mention the impact of the people of the Spring Festival on the demand for soybean oil. Therefore, although the price of soybean oil has risen, but the people of soybean oil consumption will not appear any problem.