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SHANGHAI: Chinese edible oil futures rallied to multi-year highs on Wednesday ahead of a US report on global agricultural supply and demand, and on expectations for tight oil supplies.

Soyaoil on the Dalian Commodity Exchange rallied over 4% to an 8-year top of 9,184 yuan per tonne on Wednesday. Dalian palm oil also hit its highest in over eight years, advancing nearly 5% to 8,344 yuan per tonne.

Meanwhile, rapeseed oil prices on the Zhengzhou Commodity Exchange rose to a record high of 11,119 yuan per tonne.

“The market expects that US and global soyabeans end-stocks will continue to decline, so there is an expectation of tight supply and demand,” said Haitong Futures edible oils analyst Kong Lingqi, referring to end-stocks data from a US Department of Agriculture report.

“If end-stocks are lower or lower than expected, a rising (edible oil) price trend is certain to happen.”

Chicago soyabeans climbed to their highest in nearly nine years on Wednesday, ahead of the USDA’s World Agricultural Supply and Demand Estimates report, which will give its first global outlook for 2021/22 and update its 2020/21 estimates.

Soyaoil is a byproduct obtained from soyabean crushing for meal.

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