SunSirs: Negtive News, China Soybean Meal Market Continued to Decline in September
September 28 2023 13:31:33 SunSirs (Selena)
According to data from the Business Commodity Market Analysis System, in September, the domestic soybean meal market continued to decline, with prices falling below the 4,600 RMB mark and an overall decline of over 8.3%. At the beginning of the month, the average market price of soybean meal was 5,012 RMB/ton. On September 26th, the average market price of soybean meal was 4,594 RMB/ton, with a price drop of 8.34%.
Since September, the terminal aquaculture industry has entered the off-season, and the overall demand for soybean meal has declined. The bullish factors of US soybeans in the external market have been digested by the market, causing the futures price to oscillate and fall, suppressing the domestic soybean meal futures market, and soybean meal spot prices to decline with the market. The number of imported raw materials of soybeans in Hong Kong has increased, and the pressure on soybean meal inventory has increased. Multiple negative factors have combined, resulting in a continuous decline in the soybean meal market. The price has dropped to the first line of 4,500 RMB/ton, a decrease of 500 RMB/ton compared to the beginning of the month.
SunSirs agricultural product analyst believes that the continuous decline in the soybean meal market in September is mainly due to poor demand, loose supply, and the shutdown of soybean oil factories for maintenance during the Double Festival period. The supply of soybean meal is tightening, and it is expected that the soybean meal market may rebound in October.
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