SunSirs: China Domestic Soybean Crushing Volume Declined, Boosting the Soybean Meal Market Last Week
July 23 2024 16:06:52 SunSirs (Selena)
On July 22, the National Grain and Oil Information Center reported that monitoring showed that as of the week of July 19, the domestic soybean crushing volume was 1.9 million tons, a decrease of 160,000 tons on a weekly basis, a decrease of 4 tons on a monthly basis, and a decrease of 210,000 tons and 50,000 tons respectively compared to the same period last year and the average of the past three years. In July, some oil plants began to shut down for maintenance, and the overall operating rate of oil plants remained stable with a slight decrease. However, due to the pressure of imported soybeans arriving at the port, the decrease in operating rate will not be as significant as last year. It is expected that the soybean crushing capacity of oil plants will remain at around 2 million tons this week.
The domestic soybean crushing volume has declined, and the pressure on soybean meal supply has eased, leading to a slight rebound in the market. On July 22nd, the soybean meal market saw a slight increase, with an average market price of 3,138 RMB/ton and a price increase of 0.32%.
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