SunSirs: China Soybean Meal Prices are Expected to Strengthen temporarily in September
September 12 2024 10:43:48 SunSirs (Selena)
According to the National Grain and Oil Information Center, firstly, the current price of soybean meal is around 3,000 yuan/ton, which has basically fallen to a psychological price acceptable to feed enterprises, and the enthusiasm for downstream procurement and delivery has increased. Secondly, despite the high domestic soybean inventory, the amount of imported soybeans arriving at the port from September to November will decrease. In addition, the progress of China's procurement of American soybeans in the fourth quarter is still slower than usual. Downstream consumers are concerned about the tightening of domestic soybean supply in the future and have begun to stock up appropriately.
Overall, it is expected that soybean meal prices will strengthen in September. According to statistics, when domestic soybean meal inventory exceeds 1 million tons, it is difficult for soybean meal prices to continue to rise. Currently, soybean meal inventory is still high, which will constrain the increase in soybean meal prices. The soybean meal inventory is expected to drop below 1 million tons in October, and it is expected that the soybean meal price trend will significantly strengthen at that time.
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