SunSirs: The Stock Drops, China Soybean Meal Market in the Third Quarter of 2022 reaches a New High
September 28 2022 11:04:52 SunSirs (Selena)
In 2022, the soybean meal market ushered in two waves of rising prices, with the highest price breaking the mark of 5,300 RMB/ ton, a record high.
According to the data monitoring of SunSirs, the first big rise was in the first quarter, and the soybean meal market went up all the way. From the beginning of the year to March 23, the highest price of soybean meal was 5,364 RMB/ ton, an increase of more than 52%. After the first quarter, soybean meal experienced the consolidation period in the second quarter, and the third quarter saw a big rise again, returning to the high of 5,300 RMB/ ton.
Since July, the number of imported soybeans has declined, the operating rate of soybean oil plants has declined, the soybean meal inventory has remained low, supported by multiple profits, and the soybean meal market has kept rising until September. As of September 23, the average spot market price of soybean meal has risen to 5,362 RMB/ ton, up 30.26% from the beginning of July.
The reason for the sharp rise in the market is mainly because the number of imported soybeans in Hong Kong decreased steadily in the third quarter, and the de stocking stock of soybean meal returned to a low level in the third quarter
SunSirs agricultural product analyst believes that during the National Day holiday, most soybean oil plants will stop for maintenance. The supply of soybean meal is still tight, and the positive factors remain. The spot price of soybean meal will remain high in the future. As the soybean meal market has been at a historical high, there may be limited increase in the future.
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