According to the commodity analysis system of SunSirs, after the Spring Festival, the external market rose, the soybean meal futures market rose, and the spot market rose one after another. The average price of soybean meal market exceeded 3,500 RMB/ton. On January 31st, the average market price of soybean meal was 3,222 RMB/ton, and on February 7th, the average market price of soybean meal was 3,508 RMB/ton, with a price increase of 8.88%.

Supply side: According to data from the General Administration of Customs, the total import volume of soybeans in China for the whole year of 2024 has exceeded 100 million tons, reaching 1,050.32 million tons, a year-on-year increase of 6.5%. Entering January 2025, coinciding with the Spring Festival holiday, the amount of imported soybeans entering the port has declined, and the supply pressure of raw soybeans has eased to some extent, supporting the upward trend of soybean meal market.

Inventory: According to the SunSirs soybean meal inventory statistics chart, it can be seen that inventory pressure has eased after September 2024. During the National Day holiday, soybean oil factories were shut down for maintenance, and soybean meal inventory continued to decline, dropping to 600,000 tons by the end of the year, a decrease of over 40%. As of the week ending January 24, 2025, soybean meal inventory reached a new low of approximately 550,000 tons. During the Spring Festival, soybean oil plants were mostly shut down for maintenance, and soybean meal continued to remain low, boosting the soybean meal market.

Futures: During the Spring Festival, external soybean futures rose. After the Spring Festival, the domestic soybean meal futures market saw a rebound and continued to rise for several days. On February 7th, the main contract for soybean meal closed at 2,909 RMB/ton, up 2.42% from before the Spring Festival. The futures market is heating up, and the spot market for soybean meal is surging.

Demand: After the holiday, there has been an increase in demand in the terminal breeding industry, with high purchasing enthusiasm from feed mills. The demand for spot soybean meal has increased, and market transactions have improved. Due to the high spot price of soybean meal, the market's bullish sentiment has increased, and the soybean meal spot market continues to rise.

The soybean meal analyst from SunSirs believes that in mid February, the import volume of raw soybeans to the port was relatively low, the operating rate of soybean oil plants was low, and the supply continued to tighten. The spot market for soybean meal will remain high in the future.

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