CICC Wealth Futures: The palm oil market has strong support, and the MPOB next week's monthly report is worth paying attention to.

On Thursday, CBOT soybean oil markets fluctuated at high levels, maintaining strength technically, with U.S. biofuel policies expected to boost soybean oil demand. On Thursday, Malaysia’s palm oil market edged lower due to demand concerns and weakness in China’s oilseed market. Before the MPOB monthly report releases next Monday, a survey showed Malaysia’s January palm oil stocks are expected to end a 10-month rising trend, falling to 2.91 million tons. On Thursday, the domestic oilseed futures market experienced selling pressure with an overall decline; rapeseed oil futures led the decline, while soybean oil futures were relatively resilient. U.S. biofuel policies boosted CBOT soybean oil, keeping it strong, but the narrowing pre-holiday demand window and increased pressure from imported soybean supplies limited the rally in soybean oil futures. Malaysia’s January palm oil exports increased, while production declined, continuing the inventory reduction pace and providing strong support for the palm oil market. The MPOB monthly report next week is worth watching. Imports of Australian rapeseed for crushing increased, gradually restoring rapeseed oil supply, but the market lacks upward momentum. Additionally, domestic commodity markets weakened again, with increased risk-avoidance fund outflows before the holiday, making overall resistance to oilseed sector gains relatively high. (CICC Wealth Futures)