Since September, the soybean meal market has gradually recovered, and prices have continued to fluctuate upward. As of September 9, the average market price of soybean meal was 3767 yuan/ton, with a price increase of 1.82%.
Soybean meal fell the most in mid-June, exceeding 6.57%. The performance of soybean meal was still poor in early July. Soybean meal fell by 1.53% in the week of July 5th. Starting on the 7th, soybean meal began to bottom out. Soybean meal in the week of July 12th saw a weekly increase of 1.47%. In the week of the 19th, soybean meal fell by 2.26%. It rose again in the week of July 26, rising 3.27%.
In early August, after the soybean meal rose, there was a slight correction. On the 15th, due to the bullish data reported by the USDA, soybean meal resumed its upward trend. After the big increase, soybean meal began a full correction, and the price continued to fall. Soybean meal fell by 1.47% in the week of August 16. In the week of August 23, soybean meal began to rise, oscillating for three weeks, and the increase was close to 1%. Soybean meal showed an upward trend again in September. From September 1-9, soybean meal rose 1.82%.
Long-short game Soybean meal oscillates up
Beginning in September, the US soybeans from the outside market supported, coupled with the approach of Mid-Autumn Festival, the stock market of terminal feed mills was boosted, soybean meal stocks were low, about 950,000 tons, a 5% month-on-month decrease. Bullish support for soybean meal ushered in the rising market, September 1-8, soybean meal market rose 2.23%.
The increase in the number of imported soybeans suppressed the upside of soybean meal. Soybean meal showed a downward trend on the 9th, with a single-day drop of 0.4%. In August, China imported 9.488 million tons of soybeans, an increase of 814,000 tons from 867.4 in July, an increase of 9.38% month-on-month; a decrease of 116,000 tons from the 9.604 million tons in August 2020, a year-on-year decrease of 1.21%. The increase in the number of imported soybeans limited the room for soybean meal to increase to a certain extent. Nearly the price of soybean meal and soybean meal has been corrected, the overall trend is still on the rise, with a weekly increase of 0.87%.
November is approaching, US soybeans will be listed soon, and the bullish factors are still there. Soybean meal still has room to rise in the future.
