National Bureau of Statistics: By 2025, the total grain output in China will reach 1.4298 trillion catties, an increase of 1.2%.

The total national grain production increased by 1.2%, indicating an increase in supply, which may exert downward pressure on the spot price of soybean meal. As soybean meal is a by-product of soybean processing, increasing grain production usually means sufficient supply of raw materials, which suppresses spot prices. Based on soybean meal futures data, the closing price of the main contract 2605 is 2,770 RMB/ton. Although it has recently risen by 19 RMB, the expected increase in fundamental supply may suppress the upward space of futures prices in the future, and the decrease in holdings by 38,726 lots reflects market caution

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