SunSirs: The Bearish Sentiment has been Exhausted, and the Decline in China Soybean Meal Market has Slowed Down
January 26 2024 11:07:37 SunSirs (Selena)
According to the commodity market analysis system of SunSirs, after mid January, the bearish factors have been exhausted, and the domestic soybean meal market has slowed down. The market has rebounded, with prices falling to around 3,520 RMB/ton, a decrease of 2%. On January 15th, the average market price of soybean meal was 3,592 RMB/ton. On January 25th, the average market price of soybean meal was 3,520 RMB/ton, a 2% decrease in price.
After mid January, soybean meal continued to decline and the decline slowed down. The main reason is that the soybean meal market has fallen to a low point. As the Spring Festival holiday approaches, soybean oil factories have started to shut down for maintenance, leading to a tightening of supply. The decline in the soybean meal market is limited, and the overall recovery is limited, with prices returning to 3,500 RMB/ton.
SunSirs agricultural product analyst at SunSirs, believes that as the Spring Festival approaches and the supply situation continues to tighten, the soybean meal market is expected to remain high in the future.
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