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SunSirs: Increase in Terminal Demand, Chinese Soybean Meal Continues to Rse, Spot Has Risen by 1.78% (as of September 3)

September 06 2021 08:55:43     SunSirs (Linda)

Beginning on August 23, the soybean meal market bottomed out and rebounded, oscillating up one after another, continuing to rise for two weeks, with an increase of close to 2%. As of September 3, the spot price of soybean meal has risen by 1.78%.

Soybean meal performed poorly throughout June. Soybean meal fell the most in mid-term, exceeding 6.5%. 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 rise, it 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 two weeks, with an increase of nearly 1.8%.

The demand for terminal feed is restored, and the soybean meal market ushered in an upward trend

Starting from August 23, the foreign market was profitable, and the excellent and good rate of US soybeans was at a low level. As of August 29, 2021, the excellent growth rate of US soybeans was 56%, which was a historical low for the same period. Supported by the futures market, the soybean meal market improved. Near the Mid-Autumn Festival, the terminal pig stock was at a high level. At the end of the second quarter, the pig stock was 439.11 million, an increase of 99.15 million, an increase of 29.2%, and an increase of 5.6% from the end of the first quarter; among them, the number of breeding sows was 45.64 million, an increase from the same period last year. 9.34 million heads, an increase of 25.7%, an increase of 5.7% over the end of the first quarter. Demand for feed has increased, and soybean meal prices have shown an upward trend, with prices rising by 1.78% in two weeks.

The Mid-Autumn Festival is approaching, and the rigid demand for terminal feed is supported. Soybean meal will rise in the future.

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