SunSirs: It is Expected that China Domestic Soybean Meal Inventory will Continue to Decline in Mid to Late September
September 12 2024 10:42:28 SunSirs (Selena)
On September 11th, 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 in late August, setting a historical record.
Since the end of August, domestic soybean meal inventory has stopped increasing and fallen, and it is expected that soybean meal inventory will continue to decline in September. One reason is that the arrival of imported soybeans at ports will decrease, leading to a decrease in the operating rate of oil plants.
According to the shipping schedule monitoring, the expected soybean imports to the port from September to November are 7.6 million tons, 7.3 million tons, and 7.5 million tons, respectively. With the decrease in imported soybeans, the operating rate of oil plants and soybean meal production will decrease. Secondly, the market's bullish expectations for soybean meal have increased recently, with traders and feed companies increasing their purchases and deliveries. Under the decrease in output and increase in demand, it is expected that soybean meal inventory in oil factories will fall from a high level in September.
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