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SunSirs: With Multiple Bullish Support, Soybean Meal Prices have Risen Surprisingly

January 13 2021 13:55:09     SunSirs (Linda)

According to SunSirs data monitoring, starting from mid-December 2020, soybean meal prices began to bottom out and the market was heating up. After New Year's Day, the price of soybean meal continued to expand and the market soared. On December 15, the average market price of soybean meal was 3,142 yuan/ton, and on January 12, the average price of soybean meal was 3,972 yuan/ton, and the overall price rose by 26.33%.

According to the weekly fluctuation chart from November 2020 to January 12, 2021, it can be seen that starting from mid-December, the price of soybean meal has shown an upward trend every week. In the second week of December, the increase was 2.29%, and the third week The growth rate dropped slightly, rising 0.83%, and the biggest weekly gain was near the end of the month, close to 5%. After the New Year's Day, soybean meal continued to rise, and the increase was fierce. Soybean meal rose by 3.53% in the first week of January.

Multiple bullish boosts, soybean meal prices continue to rise

Beginning in mid-December 2020, due to the growing season of South American soybeans and the impact of La Nina weather, South American soybean production is expected to decline, soy bean futures in foreign markets have risen sharply, and soybean meal has followed the market. The futures market was boosted, and the spot price of soybean meal kept rising. The price of terminal pigs has rebounded, farmers have become more enthusiastic about replenishment, and the forward prices of feed ingredients have improved significantly. Soybean meal and corn prices have both performed strongly.

After New Year's Day and the Spring Festival is approaching, some soybean oil plants have been shutting down one after another, coupled with logistics restrictions, the supply of soybean meal is tight, and prices have continued to rise for two weeks. Soybean meal prices rose nearly 5% in the first week of January; soybean meal prices rose more than 5% in two days in the second week. As of January 12, the average price of soybean meal in the market exceeded RMB 3,900/ton, an increase of 13.67% from the beginning of January.

SunSirs agricultural products analysts believe that after the New Year's Day, soybean meal prices have risen astonishingly, and the news is still multifaceted. The pressure on logistics and transportation has doubled, and soybean meal still has room for growth in the future.

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