According to the Commodity Market Analysis System of SunSirs, the soybean meal market continued to bottom out in July, with a decline of nearly 8%. On July 1st, the average market price of soybean meal was 3,302 RMB/ton, and on July 29th, the average market price of soybean meal was 3,048 RMB/ton, a decrease of 7.69% in price.

In early July, the amount of imported soybeans arriving at the port continued to increase, and the supply of soybean meal was loose, resulting in doubled inventory pressure. In addition, the expectation of high yield of American soybeans in the external market increased, causing a sharp decline in the soybean meal market. The price continued to decline weakly, with an overall drop of 6.12% in the first half of the month. After mid month, due to the tight supply of substitute rapeseed meal raw materials, the price increase boosted the soybean meal market, and the price continued to rise, with an overall rebound of over 2%. As the end of the month approaches, soybean meal inventory remains high, and the bullish factors in the market have been digested, leading to a continued weak decline in the soybean meal market. Throughout July, soybean meal fell by over 7%.

The agricultural product analyst of SunSirs believes that in August, domestic soybean meal has fallen to a historical low. Due to the impact of high temperature weather, soybean oil factories have stopped maintenance one after another, and the supply is becoming tight. There is still room for the soybean meal market to rise in the future.

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