SunSirs: National Grain Corporation: China Soybean Meal Inventory Pressure Highlights Continued Price Volatility and Weakness
July 25 2024 13:36:10 SunSirs (Selena)
National Grain and Oil Information Center: Since July, soybean meal inventory in domestic oil factories has continued to rise, reaching the highest level in nearly 6 years. It is reported that from late July to August, domestic oil plants will shut down for maintenance, and the operating rate will decrease slightly. However, due to the pressure of imported soybeans arriving at the port, the decrease in operating rate will be lower than last year. In addition, downstream demand is generally average, and the enthusiasm for picking up goods is poor. In the short term, the pressure of soybean meal inventory expansion is difficult to improve significantly. This week, domestic soybean meal prices continue to fluctuate weakly.
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