SunSirs: China Soybean Meal Market fluctuated and rose in June
June 30 2023 09:36:47 SunSirs (Selena)
According to data from SunSirs, in June, the domestic soybean meal market oscillated and rose, with an overall increase of 4.83%. At the beginning of the month, the average market price of soybean meal was 3,770 RMB/ton. On June 28th, the average market price of soybean meal was 3,948 RMB/ton, with a price increase of 4.83%.
In early June, the planting of American beans in the outer market was completed, and the weather was favorable. The market for American beans continued to rise. Driven by the market for American beans, the market for soybean meal began to gain momentum, and the spot market for soybean meal was supported, ushering in an upward trend. The mainstream quotation rose to 3,900 RMB/ton. Starting from the 7th, the surplus was exhausted, and the soybean meal market began to plummet, dropping to the 13th, returning to 3,770 RMB/ton.
In the middle of the year, the theme of dry weather reappeared, and the soybean meal market resumed its upward trend. The price continued to rise, rising until the 25th. The soybean meal price exceeded the 4,000 RMB/ton mark, an increase of over 5%.
In the latter half of the year, the bullish factors were digested by the market, and the soybean meal market gradually plunged, with prices falling by nearly 1.4%. The main reason for the decline in soybean meal this round is the weakening of terminal feed demand, the realization of weather themes, limited bullish support, and the continuous oscillation and downward trend of soybean meal market.
SunSirs agricultural product analyst believes that American soybeans are in their growth period, and the weather theme is still ongoing. There is still room for an upward trend in the soybean meal market in the future.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.
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