SunSirs: Long Short Game, China Soybean Meal Market Oscillates and Rises in October

According to the Commodity Market Analysis System of SunSirs, the soybean meal market in October showed mixed ups and downs, with an overall oscillating upward trend. On October 1st, the average market price of soybean meal was 2,998 RMB/ton, and on October 30th, the average market price of soybean meal was 3,028 RMB/ton, an increase of 1.34%.

During the National Day holiday, the price of American soybeans fluctuated and rose in foreign markets. China has not yet opened up its procurement of American soybeans, and the overall increase is limited. During the National Day holiday, the futures price of soybean meal rose, which boosted the domestic spot market for soybean meal. The average market price of soybean meal rose to 3,000 RMB/ton.

In mid October, the demand for terminal feed was weak, and the boost from futures market was limited. The rise in soybean meal market was weak, and prices gradually declined. The average price of soybean meal market fell to around 2,900 RMB/ton.

At the end of October, the external soybean futures market rose, and the soybean meal market once again saw an upward trend. Due to weak demand for terminal feed, the increase in soybean meal market was limited. As of October 30th, the average price of soybean meal market was around 3,000 RMB/ton, and the price continued to rise

The agricultural product analyst of SunSirs believes that the rigid demand for terminal feed will be sluggish in November, and the pressure on raw material supply will still exist. The market for soybean meal will continue to weaken in the future.

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