According to the Commodity Market Analysis System of SunSirs, the domestic soybean meal market has seen an upward trend since November, with an overall increase of over 4%. On November 1st, the average market price of soybean meal was 3,040 RMB/ton, and on November 7th, the average market price of soybean meal was 3,154 RMB/ton, an increase of 4.01%.

Supply: According to data from the General Administration of Customs, China imported 8.087 million tons of soybeans in October; The month on month decrease is 29%. The amount of imported soybeans in October decreased by more than 3 million tons compared to September, a significant decline. The pressure on imported soybean supply has eased, providing some support for the soybean meal market.

Inventory: According to the soybean meal inventory statistics of SunSirs, it can be seen that since September, soybean meal inventory has fallen slightly and is still at the level of 1.3 million tons. After the National Day holiday, soybean meal inventory showed a rebound trend, returning to 1 million tons, and inventory pressure remained. At the beginning of November, soybean meal inventory showed a downward trend and was at the level of 980,000 tons. The inventory has decreased, and the soybean meal market has gradually rebounded.

Futures: In early November, South American soybeans entered the sowing period one after another, and favorable weather conditions remained. Foreign soybean futures strengthened, domestic soybean meal futures fluctuated and rose, and spot prices followed suit. As of November 6th, soybean meal futures closed at 3,013 RMB/ton, up 50 RMB/ton from the beginning of the month. The futures market is boosting, and the soybean meal market is steadily rising.

Requirement: Since November, the demand for feed in the terminal breeding industry has remained acceptable, and the quantity of soybean meal purchased by feed factories is also acceptable. Due to the rise in the soybean meal market, terminal confidence in soybean meal has increased, demand has improved, and the soybean meal market continues to fluctuate and rise.

The soybean meal analyst from SunSirs believes that in mid November, the pressure on imported soybean supply will ease, the demand for terminal feed will increase, inventory will decline, and the soybean meal market is expected to rise in the future.

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