SunSirs: Favorable Factors Lead to the Rise of China Soybean Meal Market
August 11 2022 10:17:50 SunSirs (Selena)
According to the monitoring data of SunSirs, since August 4, the US soybean meal has been supported by the foreign market, and the soybean meal market has warmed up. On August 4, the average market price of soybean meal was 4,202 RMB/ ton. On August 10, the average market price of soybean meal was 4,296 RMB/ ton, with an increase of 2.24%.
Since August 4, the soybean meal market has resumed its upward trend. The main favorable factors still come from American soybeans. The export inspection volume of American soybeans has increased, the growth rate has decreased, and the soybean meal market has risen with multiple favorable supports. The price is at the line of 4,200 RMB/ ton, with an overall increase of more than 2%. The terminal demand is relatively sluggish, which limits the rising space of soybean meal to a certain extent, and the soybean meal market rises as a whole.
SunSirs agricultural product analyst believes that the US soybean is in the growth period, and the weather speculation factor is still in place. It is expected that the soybean meal market in China will rise in the future.
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