SunSirs: Downstream Demand Turns Weak, China Soybean Meal Market Declines
September 25 2023 14:31:50 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, the soybean meal market fell significantly last week, with prices falling. On September 18th, the average market price of soybean meal was 4,794 RMB/ton. On September 22nd, the average market price of soybean meal was 4,608 RMB/ton, with a price drop of 3.88%.
Last week, the soybean meal market fell by nearly 4%. The demand in the terminal aquatic feed industry has weakened, and the quantity of soybean meal purchased by feed factories has decreased. The market has gradually absorbed the favorable factors of American beans in the external market, and the soybean futures market has been continuously declining. Spot soybean meal prices have also declined, with mainstream quotations falling to 4,600 RMB/ton and prices falling by 200 RMB/ton.
SunSirs agricultural product analyst believes that as the Mid Autumn Festival approaches, soybean oil factories are gradually shutting down for maintenance, and supply is tightening. There is still room for soybean meal to rise in the future.
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