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SunSirs: Soybean Meal Price Increased Significantly

March 24 2020 09:43:51     SunSirs (Daisy)

The soybean meal commodity index was 96.86 on March 23, up 4.95 points from yesterday, down 30.75% from the cycle high of 139.88 (2012-September-04), and up 32.61% from the low of 73.04 on April 10, 2016 (Note: Period refers to 2011-Septmber-01 till now). 

Since the middle of March, soybean meal prices have been rising steadily. On March 23rd, the prices have been soaring. On March 23, the average spot price of soybean meal was 3,227 RMB / ton, up 5.39% and up 11.97% from March 12.

Products: Starting from mid-March, the multi-factor advantage of soybean meal has gradually appeared, and the number of imported soybeans to the port has been greatly reduced. Hence, the raw material supply is tight. In addition, some domestic soybean oil plants are shut down for maintenance. The terminal feed enterprises are started, and the rigid demand increases, thus, the soybean meal inventory is low. 

Overall, supported by multiple factors, the soybean meal market has been rising steadily. By the March 22nd, the mainstream price exceeded 3000 RMB/ton, with the price up by 6.24% compared with March 12th.

On March 23, as the foreign market on the Brazilian soybean and Argentine soybean meal exports of concern, coupled with the rise of the United States soybean, domestic soybean meal futures market is not calm. The morning futures high open. The main contract price was 2866 RMB /ton, with futures prices all the way up at 2915 RMB/ton, up by 112 RMB/ton, up 4%, reaching the limit. 

Soybean meal spot market rose with the overall trend. The mainstream manufacturers quote more than 3200 RMB/ton, a day up 200 RMB/ton. Compared with that price of March 12, the price rose nearly by 400 RMB/ton.

Data: U.S. soybean export inspection volume was 570,642 tons in the week ended on March 19, 2020. Compared with that number 494,612 tons in the previous week, the initial value was 436,358 tons.

Device Dynamics: Rizhao textile planned to stop the machine on March 26 and start it on April 25.

Tianjin Jiusan planned to be shut down on March 25 and started up on April 14. 

Tianjin Dreyfus planned to stop operation on April 2 and start operation on April 25. 

Tianjin Cofco plans to shut down on April 10 and start up on April 25.

Market Forecast: SunSirs agricultural products analyst Li Bing thinks taht the raw material imports of soybean supply tight situation in the short term is difficult to change while the end of feed demand has been restored. Supported by multiple good news, the price of soybean meal is expected to remain high running, with falling space is limited.

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