The oil market is under pressure, waiting for USDA report guidance

Golden Ten Futures, June 11, MPOB released a neutral bearish monthly report, coupled with ITS and AmSpec data show that the export volume of horse palm from June 1 to 10 decreased by 20.4% and 21.6% respectively compared with the same period last month, putting greater pressure on palm oil. At the same time, the pattern of domestic fundamental oversupply remains unchanged. Today's palm oil reduction fell sharply, and soybean oil fell. USDA data shows that as of June 9, the planting progress of US beans in the week was 87%, compared with 78% last week. US beans grow normally, CBOT soybeans fluctuate at a low level, the domestic market follows the performance of the international market, and double meal shows a weak trend of volatility. At the same time, due to better than expected US non-agricultural data, the US dollar index strengthened and commodities suffered setbacks. The market is waiting for the USDA report guidance.