Starting in August, soybean meal ushered in a rising market. Although there were occasional callbacks, the overall market still maintained an upward trend. As of August 13, the average soybean meal market price was 3697 yuan/ton, an increase of 1.79% from the beginning of the month.
Entering August, soybean meal began to continue the rising market at the end of July, and it has shown a downward trend since last week, and the price has declined slightly. The main reason is that terminal demand is weak, and the pressure on raw material imports of soybeans is still there. China imported 10.722 million tons of soybeans in June, an increase of 11.6% compared with 9.61 million tons of soybeans imported in May. Due to the rapid increase in the number of imported soybeans, soybean meal stocks continued to be at the front line of one million tons, and the increase was mainly driven by external disks. Therefore, the continued upward momentum was insufficient and there were successive corrections.
In the second week of August, the Mid-Autumn Festival is approaching, feed mills start stocking market, purchasing demand increases, coupled with the support of logistics and freight costs, soybean meal transactions are good, near the weekend, the USDA report lowers the US soybean output forecast, and the soybean output in 2021/22 It is estimated to be 4.34 billion bushels, and production is expected to decrease by 66 million bushels. The news was more supportive, and soybean meal once again ushered in a rising market. As of the 13th, the average price of soybean meal in the market was close to 3,700 yuan/ton, an increase of 1.8% from the beginning of the month.
The US soybeans in the foreign market are in the growing period, and the bullish factors are still there. The terminal demand improves, and the soybean meal will maintain a strong oscillation pattern in the future.
