1, the new crown mutation increased the variables of global economic recovery, triggering panic selling in the financial market. Affected by this, soybean oil futures continue to fall trend, the main contract is now down more than 1%. From the perspective of oil and grease fundamentals, according to Ruida futures monitoring shows that on November 22, China's major oil mills soybean oil stocks of 820,000 tons, an increase of 10,000 tons compared to last week. A decrease of 30,000 tons, a year-on-year decrease of 370,000 tons, and a decrease of 1.55 million tons over the same period in the past three years.

2, since late October, soybean oil prices have retraced. in November, with the expected increase in soybean arrivals, the oil mill crushing profits rebound, the cancellation of the policy of power restrictions and work stoppages, the main producing areas of the oil mill start rate rose, is expected to grow the supply of soybean oil is insufficient, but at the same time, facing the fourth quarter of the seasonal peak season of oil, adding that the current epidemic is at a high level of logistics and logistics of the follow-up of the smooth flow of there are certain Uncertainty. Transportation, residents and businesses have a certain demand for commodities, international crude oil futures prices are still in a strong pattern.

3, most of the domestic futures fell in early trading, including soybean oil futures main contract fell more than 3%. With the gradual completion of the Brazilian bean sowing work, the stage production is basically fixed; due to the climate on the Brazilian soybean yield impact is not big, basically can determine this year's Brazilian soybean high yield is expected. However, Argentina's sowing progress lagged behind last year, and the planting area precipitation is low, the variables are still more. This year is likely to repeat last year's La Ni?a yield reduction.

1) Domestic soybeans have now returned to normal levels. Good import margins and the gradual fall in FOB discount for U.S. soybeans will accelerate imports of domestic soybeans, thus increasing the supply of domestic soybean oil and soybean meal. Soybean oil and soybean meal inventory side and consumption side of the difference will lead to oil strong weak soybean meal pattern continues, compared with other oils and fats, soybean oil itself in the short term will be under greater pressure.

2) Soybean oil is the oil extracted from soybeans. It has a certain viscosity and is a translucent liquid. Its color varies according to the soybean seed coat and soybean varieties, from light yellow to dark brown, with a soybean flavor. Soybean oil is widely used. People started processing soybean oil from soybeans a long time ago. The main component of soybean oil is triglycerides, but also contains traces of phosphorus esters, sterols and other components.