SunSirs: Bearish Sentiment, and the Rebound of Soybean Meal Market is Weak in China
May 15 2024 10:02:37 SunSirs (Selena)
According to the commodity market analysis system of SunSirs, after May Day, the domestic soybean meal market experienced a sharp rise, and after the rise, it gradually rebounded, with an increase of over 3%. On May 1st, the average market price of soybean meal was 3,340 RMB/ton. On May 11th, the average market price of soybean meal was 3,448 RMB/ton, an increase of 3.23%.
During the May Day holiday, the external soybean market rose, and after the holiday, soybean meal continued to rise, with the market rising by over 4%. After a sharp rise in soybean meal, there was a rational correction, and the market average price fell to 3,400 RMB/ton, an increase of about 3% from the beginning of the month. The demand for terminal feed is still weak, and the transaction volume in the soybean meal market is average, with insufficient momentum for sustained market growth.
SunSirs agricultural product analyst believes that poor terminal demand will put pressure on the future soybean meal market.
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