SunSirs: Positive News, China Soybean Meal Market is Rising
March 12 2024 14:24:57 SunSirs (Selena)
According to the commodity market analysis system of SunSirs, starting from March, there was a bullish trend, and the domestic soybean meal market experienced an upward trend, with a fluctuating upward trend. As of March 11th, the average market price of soybean meal was 3,504 RMB/ton, an increase of 6.44% compared to early March.
Since March, the soybean meal market has been at a low level, with traders mainly bearish and low inventory. The USDA report was neutral and bullish, with futures prices rising and soybean oil factories raising prices. Traders bought during the rise, and the soybean meal market saw a significant increase, rising 5.42% in a single day.
SunSirs agricultural product analyst believes that the futures market lacks sustained momentum and the soybean meal market may continue to decline weakly in the future.
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