SunSirs: Favorable Factors, Soybean Meal Market Surged
August 18 2022 10:56:47 SunSirs (Selena)
According to the monitoring data of SunSirs, since August 4, the external market has been supported by US soybeans, the amount of imported soybeans in Hong Kong has decreased, and the soybean meal market has continued to rise. On August 4, the average market price of soybean meal was 4,202 RMB/ ton. On August 17, the average market price of soybean meal was 4,312 RMB/ ton, up 2.62%.
Since August 4, the soybean meal market has resumed its upward trend. The main positive factors still come from the United States beans. The export inspection volume of the United States soybean has increased, the excellent growth rate has decreased, and the soybean meal market has risen with multiple positive supports. The price is at the line of 4,200 RMB/ ton, with an overall increase of more than 2%. The terminal demand is relatively sluggish, which limits the rising space of soybean meal to a certain extent, and the soybean meal market rises as a whole.
In the middle of the year, the amount of imported soybeans in Hong Kong declined, and the market of soybean meal continued to rise. As of August 17, China soybean meal market had risen by more than 2%.
SunSirs agricultural product analyst believes, due to the favorable factors, it is expected that there is still room for China soybean meal market to rise in the future.
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