On August 20th, the National Grain and Oil Information Center reported that the cost of importing Brazilian soybeans into China has rebounded to around 4,000 RMB/ton, providing support for soybean meal prices from the cost side; Secondly, as the Mid Autumn Festival and National Day holidays approach, the demand for downstream aquaculture feed improves, driving soybean meal consumption. Under high operating rates, the pace of soybean meal accumulation in China is slower than expected; Thirdly, China has not yet purchased soybeans from the United States, and domestic supply may tighten in the fourth quarter, supporting soybean meal prices.

National Grain and Oil Information Center, August 20th: It is expected that the operating rate in August will continue to be at a high level, with soybean crushing volume of nearly 10 million tons and soybean meal output of around 8 million tons, higher than the average monthly consumption of 7.7 million tons in August of the past three years. However, the downstream delivery speed has accelerated recently, and the pace of soybean accumulation in oil factories has slowed down. It is expected that the commercial inventory of soybean meal in major oil factories in China will rise to around 1.1 million tons in August, and the inventory pressure on oil factories is relatively high.

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