According to the National Grain and Material Reserve Data Center, the operating rate of domestic oil plants was relatively high during the week of December 24th, and soybean meal continued to accumulate. This week marks the New Year holiday, and soybean crushing volume is expected to fall to around 1.8 million tons, resulting in a decrease in soybean meal output. However, downstream feed companies have weak demand, and soybean meal inventories may remain at a high level of around 1 million tons by the end of the month.

The article points out that the operating rate of domestic oil plants is relatively high, and soybean meal continues to accumulate. The soybean crushing volume is expected to fall to around 1.8 million tons during the New Year holiday, resulting in a decrease in soybean meal output. However, downstream feed companies have weak demand, and inventory may remain at a high level of 1 million tons at the end of the month. This indicates an oversupply and weak demand, which poses a significant negative impact on the spot price of soybean meal. Based on soybean meal futures data (such as the closing price of contract 2605 at 2,778 RMB/ton, down 20 RMB/ton), high inventory pressure may exacerbate the expectation of a decline in the futures market. Changes in the holdings of major contracts indicate cautious market sentiment, and overall bearish factors have strengthened.

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