SunSirs: Positive Support, Soybean Meal Market is Rising in China
May 22 2024 14:04:24 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 17th, the average market price of soybean meal was 3,476 RMB/ton, an increase of 4.07%.
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.
In mid month, the soybean meal market fluctuated at a high level, with prices continuing to be around 3,400 RMB/ton. The external market has boosted, while the soybean meal market has been supported and remains high, rising by over 4% compared to the beginning of the month.
SunSirs agricultural product analyst believes that the demand for terminal feed has weakened, and there is still room for a downward trend in the soybean meal market in the future.
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