SunSirs: The Soybean Meal Market Experienced a Sharp Decline after Rising in May
May 31 2023 09:38:45 SunSirs (John)
Price trend
According to data from SunSirs Market Analysis System, in May, the domestic soybean meal market plummeted from a high platform, with an overall decline of 8.7%. At the beginning of the month, the average market price of soybean meal was 4,324 RMB/ton. On May 29th, the average market price of soybean meal was 3,948 RMB/ton, with a price drop of 8.7%.
Analysis review
Long and short gamed, soybean meal market experienced a sharp decline after rising in May
After May Day, although customs clearance for imported soybeans improved, some soybean oil factories still shut down for maintenance, resulting in tight supply of soybean meal and a continuous rise in the market, with an increase of 3.89%. Starting from the middle of the month, the quantity of imported soybeans increased, soybean meal inventory was at a high level, and the demand for terminal feed was average. Multiple bearish factors combined, and the soybean meal market started a high jump, continuously declining until the end of the month, with an overall decline of 9.66%.
Market outlook
Agricultural product analysts from SunSirs believe that terminal demand was sluggish, supply was loose, and the soybean meal market will continue to be weak in the future, with weak upward momentum.
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