SunSirs: Negative Sentiment still Exists, China Soybean Meal Market Continues to be Sluggish
August 12 2024 10:39:07 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, since August, the domestic soybean meal market has shown weak rebound and still mainly weak decline. On August 1st, the average market price of soybean meal was 3,020 RMB/ton. On August 9th, the average market price of soybean meal was 2,948 RMB/ton, a decrease of 2.38%.
Since August, the external soybean futures have lacked the driving force to rise, and the domestic soybean meal market has shown weak rebound. After a slight increase, it continues to experience a downward trend, with the market average price falling below 3,000 RMB/ton, a decline of over 2%. The weak rebound of soybean meal in this round is mainly due to loose supply, sluggish terminal demand, doubled inventory pressure, multiple negative factors leading to weak operation of soybean meal market.
The soybean meal analyst from SunSirs believes that the demand for terminal feed is sluggish, domestic supply is loose, and inventory pressure is difficult to alleviate in the short term, putting pressure on the future rise of soybean meal.
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