On July 15th, the National Grain and Oil Information Center reported that monitoring showed that as of the week of July 12th, the domestic soybean crushing volume was 2.06 million tons, an increase of 70,000 tons on a weekly basis and a 16 ton increase on a monthly basis. Compared with the same period last year and the average of the past three years, it increased by 290,000 tons and 200,000 tons respectively.

In July, some oil plants began to shut down for maintenance, and the overall operating rate of oil plants may remain stable with a slight decrease. However, due to the pressure of imported soybeans arriving at the port, the decline in operating rate will not be as significant as last year. It is expected that the soybean crushing capacity of oil plants will remain at around 2 million tons this week.

The increase in soybean crushing volume due to imported raw materials, coupled with loose domestic soybean meal supply and high inventory, has led to a continuous decline in soybean meal prices, putting upward pressure on the market.

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