SunSirs: Good Support, Soybean Meal Market Rose sharply
September 15 2022 10:16:42 SunSirs (Selena)
According to the monitoring of SunSirs, after the Mid Autumn Festival, the soybean meal market has risen sharply, with a daily increase of more than 4% and a price increase of more than 9% compared with the beginning of the month. On September 1, the average market price of soybean meal was 4,512 RMB/ ton, and on September 13, the average market price of soybean meal was 4,944 RMB/ ton, up 9.57%.
During the Mid Autumn Festival, the USDA report announced that the unit yield, new production and inventory estimates of American beans were comprehensively lowered, which was lower than market expectations. After the festival, the bean futures market opened up sharply. On September 13, the opening price of soybean meal M2301 contract was 4,060 RMB/ ton, and the latest quotation was 4,039 RMB/ ton, up 200 RMB/ ton. The futures market rose, and the spot price of soybean meal rose to 4,900 RMB/ ton, reaching a new high in the second half of the year, reaching the 5,000 yuan mark.
Starting from September, the terminal feed stock market started, and the spot market of soybean meal was supported. According to customs data, China's soybean import volume in August was 7.17 million tons, down 24.5% from 9.49 million tons a year earlier, the lowest import volume since 2014. The number of imported soybeans declined, the supply expectation declined, and the soybean meal market continued to rise supported by multiple positive factors.
SunSirs agricultural product analyst believes that, the external market is still profitable, supported by the terminal rigid demand, and China soybean meal market will still run at a high price in the short term.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.
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