SunSirs: The Price Of Soybean Meal Falls
November 11 2019 15:02:27 SunSirs (Eva)
On November 8, the soybean meal commodity index was 94.63, up 0.2 points from yesterday, down 32.35% from 139.88 (2012-09-04), the highest point in the cycle, and up 29.56% from 73.04, the lowest point on April 10, 2016. (Note: cycle refers to 2011-09-01 to now)
According to the monitoring of SunSirs: in early November, soybean meal continued the weak market in late October, and the price is still weak mainly. On November 1, the average market price was RMB 3160 yuan / ton, and on November 8, the average market price was RMB 3153 yuan / ton, down 0.21%.
The market digested the news of the output reduction of soybeans in the outer market, and the harvest of soybeans was completed in succession. The bullish atmosphere turned weak, even the price of soybean meal went down. On November 1-8, the main contract of soybean meal fell below 1.5%. The end pig breeding is still in the recovery period, the feed demand is relatively general, and the feed factory purchases on demand. Under the influence of the weak futures market, soybean meal spot prices fell, with the mainstream price of RMB 3100-3200 yuan / ton, and the price fell RMB 30-50 yuan / ton.
Data: the U.S. Department of agriculture's (USDA) weekly crop growth report released on Monday showed that the soybean harvest rate in the U.S. was 75% in the week ending November 3, 62% in the previous week, 81% in the same period last year and 87% in five years.
SunSirs agricultural products analyst believes that: South American soybeans have entered the seeding period, and American soybeans have been listed one after another. There is still a positive factor at the futures level. The end pig breeding has entered the recovery period, and the market will still stop falling and stabilize after soybean meal, with room for growth.
If you have any questions, please feel free to contact SunSirs with marketing@sunsirs.com.
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