Edible oil welcomes the second round of price cuts during the year

Following the drop in prices in May this year, the recent rise in edible oil prices during the second round of price cuts. It was learned that sea lions, ingots and other brands of soybean oil, Jinlongyu rapeseed oil fell by 10%-15%. Industry insiders said that, like the last drop, the main factor that caused the decline of edible oil in this round was still the change in raw material prices.

Yesterday afternoon, a Hualian Supermarket in Putuo District learned that some brands of soybean oil prices have recently dropped. It can be seen that the 5 liters of sea lion soybean oil on the shelf is priced at less than 50 yuan, which is 49.8 yuan per barrel. “Haishi Brand and Yuanbao Soybean Oil have all fallen in price recently. The 5 liters of sea lion soybean oil has fallen by 5 yuan.” A staff member stated that other varieties of edible oil have not received notice of price adjustment at present.

In addition to soybean oil, there are also rapeseed oils in this round. The related person of Yihai Kerry Group confirmed to reporters yesterday that Golden Dragon Fish Rapeseed Oil Products had lowered prices by 10%-15% in mid-October.

However, it was learned yesterday from Carrefour and other hypermarkets in Shanghai that there has been no notification of the price adjustment of edible oil in the near future. In this regard, Yihai Kerry stated that the price adjustments from production companies to distribution channels, wholesalers, and terminal stores will take a certain period of time, which is expected to be around four to six weeks.

Similar to the reason why the price of edible oil was lowered in May this year, the price of raw materials is still the main reason that affects the price of edible oil.

Zhuo Chuang Information Edible Oils analyst said that the drop in edible oil prices this year was caused by the first drop in soybean oil prices. Because soybean oil still accounts for nearly 50% of the domestic edible oil market, the price cut of soybean oil will exert pressure on the prices of other varieties of edible oil.

It is understood that cooking oil is a public oil product, and domestic edible oil prices are greatly affected by the trend of international oil prices. Haishi brand edible oil parent company Liangyou group related sources told reporters that South American soybean production in the first half of this year, the United States in the second half of the increase in production, the global soybean supply is relatively abundant, the soybean oil, blending oil prices are falling. Analysts believe that this year's global soybean production is high and it is expected that oil prices will remain weak in the short term.

According to analysis by industry insiders, the prices of edible oils of other varieties have been lowered. Although the price of soyoil has been affected to a certain extent, the fundamental reason is that the price of raw materials has fallen. Yihai Kerry said that rapeseed oil has taken the lead in price reduction since mid-October, which is basically the same as the domestic and foreign markets.