SunSirs: The Pressure of Oil Factory Expansion still Exists, and It is Expected that China Soybean Meal will Fluctuate within the Range in the Near Future
September 24 2024 16:11:21 SunSirs (Selena)
On September 24th, the National Grain and Oil Information Center reported that most of the soybean meal inventory in oil factories has been sold, with soybean meal orders from September to October being the mainstream. However, downstream customers tend to pick up soybean meal as needed, and the pressure of soybean meal expansion in oil factories is still high. Recently, there have been many urging downstream customers to pick up soybean meal. Due to the expected decrease in imported soybeans, the inventory pressure of domestic soybeans and soybean meal in October and November is expected to ease, and oil factories are optimistic about the price of soybean meal in the future. Overall, it is expected that the spot price of domestic soybean meal will fluctuate around 3,100 RMB/ton in late September, and with a significant decrease in soybean meal inventory in October, there may be a new round of price rebound.
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