According to the National Grain and Material Reserve Data Center, due to the impact of the New Year holiday, the weekly soybean crushing volume of domestic oil plants has decreased to around 1.75 million tons since January, resulting in a decrease in soybean meal output and a slight decrease in inventory. It is expected that the soybean crushing volume for the whole month of January will decrease to around 8 million tons, and the soybean meal output will be about 6.4 million tons. Coupled with the gradual release of stocking demand during the Spring Festival, it is expected that the soybean meal inventory of domestic oil plants will decrease to around 900,000 tons by the end of January.
The article shows that due to the New Year holiday, the soybean crushing volume in January decreased to 1.75 million tons/week, resulting in a decrease in soybean meal production and a slight decrease in inventory; It is expected that the monthly crushing volume will decrease to 8 million tons, and the soybean meal output will be about 6.4 million tons. Coupled with the release of stocking demand during the Spring Festival, the inventory will drop to around 900,000 tons by the end of January. The decrease in supply and increase in demand will significantly push up the spot price of soybean meal. Based on soybean meal futures data, such as the closing price of the main contract 2605 at 2,761 RMB/ton (up or down -10) and the closing price of contract 2609 at 2859 RMB/ton (up or down -7), although the current prices have fluctuated, the favorable fundamentals will support the upward trend of futures prices, especially with the possibility of contract rebound during the peak demand season.
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