SunSirs: External Market Pull Up, China Soybean Meal Market steadily Rises
May 24 2024 14:47:35 SunSirs (Selena)
According to the commodity market analysis system of SunSirs, in mid May, the domestic soybean meal market improved, oscillating and rising, with an increase of over 1%. On May 15th, the average market price of soybean meal was 3,468 RMB/ton. On May 23rd, the average market price of soybean meal was 3,518 RMB/ton, up 1.44%.
Starting from mid May, extreme precipitation occurred in the Brazilian region of the outer market, increasing expectations of reduced soybean production and causing heavy market concerns. The soybean futures market rose, and even the soybean meal market rose, while the spot soybean meal market followed suit. Due to an increase in the quantity of imported soybeans, soybean meal inventories have rebounded, and the upward trend has been hindered. The average price of soybean meal in the market has risen to 3,500 RMB/ton, with an overall increase of less than 2%.
SunSirs agricultural product analyst believes that the increase in imported soybeans to Hong Kong and high inventory levels will hinder the future rise of soybean meal prices.
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