SunSirs: China Soybean Meal Market Oscillates and Falls in November
November 29 2024 15:21:50 SunSirs (Selena)
According to monitoring data from SunSirs, the soybean meal market experienced a sharp decline after rising in November, with the overall price mainly falling by 0.99%. On November 1st, the average market price of soybean meal was 3,040 RMB/ton. On November 28th, the average market price of soybean meal was 3,010 RMB/ton, a decrease of 0.99%.
At the beginning of November, the quantity of imported soybeans as raw materials declined, the supply of soybean meal became tight, inventory pressure eased, and external markets led the rise. Supported by favorable factors, the soybean meal market continued to rise, with an increase of over 4%.
In the middle of the month, the bullish factors have been exhausted, supply pressure remains, inventory levels have returned to high levels, and bearish pressures have suppressed the soybean meal market. The soybean meal market has gradually plunged, and prices continue to decline, with soybean meal prices falling below 3,000 RMB/ton.
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