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SunSirs: Agriculture, Soybean Meal Declined Steeply
January 16 2020 11:07:12SunSirs(Daisy)

The soybean meal commodity index on January 15 was 85.03, which was the same as yesterday, down 39.21% from the highest point of the cycle at 139.88 points (2012-Septmber-04), and 16.42% higher than the low point of 73.04 points on April 10, 2016. (Note: Period refers to 2011-Septmber-01 to present)

From December to January 15, the soybean meal continued to fall. Up to January 15, the average price of soybean meal market was 2,833 RMB / ton, which was 2.19% lower than in early January and nearly 8% lower than that in early December.

Soybean meal prices have been declining since December. By January, the market price had not improved and continued to fall. This is mainly due to the approach of the Spring Festival. Large pigs are concentrated in selling to the market. The demand for feed has fallen sharply, and the volume of imported soybeans is expected to increase significantly.

On the other hand, the performance of soybean meal futures is not good, and the spot price continues to fall sharply. Some soybean oil factories prepare to shutdown their plants and the plan has been announced. During the Spring Festival, most soybean oil plants will be shut down for maintenance. On the eve of the Spring Festival, there is basically no quotation for soybean meal. The current mainstream price is 2,800 RMB / ton, and the price has fallen by 50-100 RMB / ton from the beginning of the month.

Data: Up to January 2, the United States ’net sales of soybean meal exports in 2019-20 were 74,200 tons, and net sales of soybean meal exports in 2020-21 were 0 tons. That week, the United States shipped 148,100 tons of soybean meal in 2019-20.

Li Bing, an agricultural product analyst at SunSirs, believes that with the Spring Festival approaching, soy meal prices continue to be weak and stable in the short term. And prices have basically remained unchanged. During the Spring Festival, soybean oil mills factories will be shut down for maintenance. Soybean meal supply will be reduced.

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