SunSirs: Poor Demand for the Domestic Feed, China Soybean Meal Market Downturns
October 12 2024 09:37:22 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, after the National Day holiday, the domestic soybean meal market continued to decline, with the average market price falling to around 3,090 RMB/ton, an overall decline of over 3%. On October 1st, the average market price of soybean meal was 3,186 RMB/ton. On October 11th, the average market price of soybean meal was 3,090 RMB/ton, a decrease of 3.01%.
After the National Day holiday, the terminal feed stocking market ended, demand fell, and the soybean meal market declined, with prices falling by about 3%. Soybean oil factories have resumed operations one after another, and the supply of soybean meal continues to increase. The inventory pressure has doubled, and the market performance has been poor, mainly due to continuous decline.
The soybean meal analyst from SunSirs believes that by the end of October, soybean meal supply will resume, feed demand will remain flat, and the market will have weak upward momentum. The market will continue to decline weakly in the future.
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