SunSirs: Bearish Atmosphere, China Soybean Meal Market Weakened and Declined
November 23 2023 15:11:36 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, starting from November 8th, the domestic soybean meal market continued to decline, with a decline of over 4%. On November 8th, the average market price of soybean meal was 4,350 RMB/ton. On November 22nd, the average market price of soybean meal was 4,164 RMB/ton, a decrease of 4.28%.
Starting from November 8th, American soybeans have been on the market, and South American soybeans are entering the planting season, leading to a weakening of positive external factors. The domestic feed terminal demand is weak, and on-demand procurement has led to a decline in market transactions. The soybean meal market continues to decline, with the average market price dropping to 4,100 RMB/ton, a decrease of over 4%.
SunSirs agricultural product analyst at SunSirs, believes that in the fourth quarter, the import of soybeans to Hong Kong has gradually increased, and the soybean meal market will continue to decline weakly in the future.
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