SunSirs: China Soybean Meal Market continued to rise in August
September 01 2023 14:35:05 SunSirs (Selena)
According to data from the Business Commodity Market Analysis System, in August, the domestic soybean meal market continued to rise, with prices exceeding the 5,000 RMB mark and an overall increase of nearly 14%. At the beginning of the month, the average market price of soybean meal was 4,444 RMB/ton. On August 30th, the average market price of soybean meal was 5,028 RMB/ton, with a price increase of 13.14%.
Since August, the profits of the terminal aquaculture industry have rebounded, and the quantity of soybean meal purchased has increased. The excellent rate of American beans in the external market continues to decline, and the futures price of American beans continues to rise, boosting the domestic soybean meal futures market. Spot soybean meal prices also rose with the market. The number of imported raw materials of soybeans in Hong Kong has decreased, and the pressure on soybean meal inventory has eased. Multiple favorable factors have combined, and the soybean meal market continues to rise, with prices reaching as high as 5,000 RMB/ton, an increase of over 500 RMB/ton compared to the beginning of the month.
SunSirs agricultural product analyst believes that the soybean meal market continued to rise in August, mainly due to a rebound in terminal rigid demand and a rise in the external market for American beans. Entering September, the rigid demand for soybean meal terminal consumption has increased, and the market is still expected to continue to rise.
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