SunSirs: China Domestic Soybean Meal Prices will Continue to Rebound in September
August 29 2024 14:47:38 SunSirs (Selena)
On August 28th, the National Grain and Oil Information Center reported that domestic soybean meal inventories have continued to increase since April, rising from 320,000 tons in early April to nearly 1.5 million tons currently, setting a historical record.
According to the shipping schedule monitoring, the expected soybean imports to the port from August to October are 8 million tons, 7.6 million tons, and 7 million tons, respectively. With the decrease in imported soybeans, the operating rate of oil plants and soybean meal production will decrease. In addition, with the significant drop in soybean meal prices, downstream enterprises will increase their purchases. It is expected that domestic soybean meal inventories will stabilize first and then decrease in September.
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