SunSirs: NegativeTrend, China Domestic Soybean Meal Market Continues to Decline weakly
December 13 2024 09:44:48 SunSirs (Selena)
According to monitoring data from SunSirs, since December, the soybean meal market has mainly declined weakly, with a decline of over 3%. On December 1st, the average market price of soybean meal was 3,024 RMB/ton. On December 12th, the average market price of soybean meal was 2,916 RMB/ton, a decrease of 3.57%.
Starting from December, the demand for terminal feed has weakened, and the sowing of South American soybeans in the external market has ended, with negative factors dominating. The performance of soybean futures in the external market has been poor, while the domestic soybean meal futures market has followed suit and declined. The spot market has weak upward momentum and weak downward trend is the main reason. The domestic spot price of soybean meal has fallen below the 3,000 RMB mark, dropping to 2,916 RMB/ton, a decrease of nearly 4%.
The agricultural product analyst of SunSirs believes that during the growth period of South American soybeans in the external market, there is still room for improvement, and there is still room for the soybean meal market to rise in the future.
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