SunSirs: Multiple Bearish Factors , China Soybean Meal Market Turned Weak
November 29 2023 13:58:31 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, the soybean meal market fell last week, with a decline of over 1.7%. At the beginning of the week, the average market price of soybean meal was 4,176 RMB/ton. On November 24th, the average market price of soybean meal was 4,104 RMB/ton, with a price drop of 1.72%.
Last week, the soybean meal market declined, and imported raw materials such as soybeans arrived in Hong Kong one after another. The supply was loose, and the demand for terminal feed raw materials weakened. Supply and demand were weak, coupled with a decline in the futures prices of foreign beans. The domestic spot market for soybean meal has declined, with an average market price of 4,100 RMB/ton, a decrease of about 50 RMB/ton.
SunSirs agricultural product analyst believes that due to the combination of multiple negative factors, the soybean meal market will continue to decline weakly in the future.
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