According to the commodity analysis system of SunSirs, after the May Day holiday, the amount of imported soybeans arriving at the port has gradually increased, and the soybean meal market has fallen, with prices continuously decreasing. On May 1st, the average market price of soybean meal was 3,476 RMB/ton, and on May 13th, the average market price of soybean meal was 3,116 RMB/ton, a decrease of 10.37% in price.

Supply side: Customs data shows that China's soybean imports in April were 6.081 million tons, a month on month increase of 84.4% and a year-on-year decrease of 29.1%, hitting a ten-year low. Starting from May, the import quantity of raw soybeans has gradually increased, the operating rate of soybean oil plants has recovered, the supply has increased, and the soybean meal market has weakened.

Inventory: From the soybean meal inventory statistics chart, it can be seen that in early March, the import of soybeans to the port gradually increased, and the soybean meal inventory gradually rebounded, reaching the level of 600,000 tons. Since April, due to the impact of tariff policies, the number of imported soybeans arriving at ports has been continuously decreasing, and soybean meal inventories have hit a new record, falling to single digits. In early May, the number of imported soybeans arriving at the port recovered, and soybean meal inventories gradually rebounded. Soybean meal inventory remains low, which to some extent supports the soybean meal market.

Futures: After the May Day holiday, the global soybean market remained mainly loose, and the estimated inventory of US soybeans was lowered. The external soybean futures market was relatively strong, mainly oscillating. On May 12th, during the China US talks, the Chinese side temporarily reduced the import tariff on US soybeans to 23%, digesting the bullish factors and causing a weak domestic soybean meal futures market. The boosting effect of futures market is limited, and the continuous decline of soybean meal spot market is the main reason.

Requirement: Starting from May, the domestic soybean meal market prices have plummeted, and the market is mainly bearish on the soybean meal market. The purchasing enthusiasm of the terminal feed factory is average. The soybean meal market has seen a decline in transactions and average sales. Terminal demand has weakened, and the soybean meal market continues to decline.

The soybean meal analyst from SunSirs believes that in late May, the import of raw materials for soybeans will continue to increase, the operating rate of soybean oil plants will rise, and the terminal demand will be sluggish. Therefore, the soybean meal market will continue to decline.

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