On August 26th, the National Grain and Oil Information Center reported that tariffs between China and the United States have been extended, and American soybeans are still unable to enter the Chinese market at the current tariff level. Coupled with the fact that only 10% of imported soybeans were purchased in November and only sporadic purchases were made in December, the market expects a tightening of imported soybean supply from the fourth quarter to the first quarter of next year, and soybean meal output will decline accordingly. It is expected that domestic soybean meal supply will decrease in the fourth quarter and enter the destocking stage.

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