Since September, the soybean meal market has gradually recovered, and prices have continued to fluctuate upward. As of September 9, the average market price of soybean meal was 3767 yuan/ton, with a price increase of 1.82%.

Soybean meal fell the most in mid-June, exceeding 6.57%. The performance of soybean meal was still poor in early July. Soybean meal fell by 1.53% in the week of July 5th. Starting on the 7th, soybean meal began to bottom out. Soybean meal in the week of July 12th saw a weekly increase of 1.47%. In the week of the 19th, soybean meal fell by 2.26%. It rose again in the week of July 26, rising 3.27%.

In early August, after the soybean meal rose, there was a slight correction. On the 15th, due to the bullish data reported by the USDA, soybean meal resumed its upward trend. After the big increase, soybean meal began a full correction, and the price continued to fall. Soybean meal fell by 1.47% in the week of August 16. In the week of August 23, soybean meal began to rise, oscillating for three weeks, and the increase was close to 1%. Soybean meal showed an upward trend again in September. From September 1-9, soybean meal rose 1.82%.

Long-short game Soybean meal oscillates up

Beginning in September, the US soybeans from the outside market supported, coupled with the approach of Mid-Autumn Festival, the stock market of terminal feed mills was boosted, soybean meal stocks were low, about 950,000 tons, a 5% month-on-month decrease. Bullish support for soybean meal ushered in the rising market, September 1-8, soybean meal market rose 2.23%.

The increase in the number of imported soybeans suppressed the upside of soybean meal. Soybean meal showed a downward trend on the 9th, with a single-day drop of 0.4%. In August, China imported 9.488 million tons of soybeans, an increase of 814,000 tons from 867.4 in July, an increase of 9.38% month-on-month; a decrease of 116,000 tons from the 9.604 million tons in August 2020, a year-on-year decrease of 1.21%. The increase in the number of imported soybeans limited the room for soybean meal to increase to a certain extent. Nearly the price of soybean meal and soybean meal has been corrected, the overall trend is still on the rise, with a weekly increase of 0.87%.

November is approaching, US soybeans will be listed soon, and the bullish factors are still there. Soybean meal still has room to rise in the future.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.