SunSirs: It is Expected that China Domestic Soybean Meal Basis will Strengthen in the Future
November 27 2024 14:41:35 SunSirs (Selena)
On November 26th, the National Grain and Oil Information Center reported that since October, domestic soybean meal prices have remained stable, with soybean meal futures contracts fluctuating slightly around 3,000 RMB/ton in the near month. It is expected that the domestic soybean meal basis will strengthen in late November. Firstly, the import volume of soybeans to ports will decrease from November to December, and soybean inventories in oil plants will continue to fall. With the decline in oil plant operating rates, soybean meal inventories will continue to decline. Secondly, the recent decline in domestic vegetable oil prices, with soybean oil prices dropping by nearly 1,000 RMB/ton in the past two weeks, has led to a decrease in soybean crushing profits for oil factories and an increased willingness to raise prices for soybean meal.
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