SunSirs: Bad News Depresses the Soybean Meal Market
December 21 2022 13:04:30 SunSirs (Selena)
According to the monitoring data of SunSirs, since December, the demand for terminal feed has weakened, the number of imported soybeans arriving in Hong Kong has increased, and the market of soybean meal has continued to decline for more than half a month. As of December 19, the average market price of soybean meal was 4,686 RMB/ton, down 6.76% from the beginning of the month.
Since December, the market for purchasing soybean meal in the terminal feed industry has not been enthusiastic, and the demand has weakened. In addition, the number of imported soybeans arriving in Hong Kong has increased. The tight supply of soybean meal has improved, and the inventory has rebounded, returning to the front line of 290,000 tons, double the same period last month.
Under the pressure of multiple negative factors, the soybean meal market weakened, the price continued to weaken, and the price kept falling. The mainstream price fell to 4,600 RMB/ton, a decline of more than 6%.
SunSirs agricultural product analyst believes that the negative factors are still there, and the market of soybean meal is under pressure after the market rises.
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