SunSirs: Positive Support, China Soybean Meal Market Oscillates and Rises
November 28 2024 14:20:39 SunSirs (Selena)
According to monitoring data from SunSirs, since November 22nd, the soybean meal market has fluctuated and risen, with an increase of over 1%. On November 22nd, the average market price of soybean meal was 2,982 RMB/ton, and on November 27th, the average market price of soybean meal was 3,022 RMB/ton, an increase of 1.34%.
After November 22nd, some soybean oil plants have started shutdown plans one after another, and soybean meal inventory has gradually fallen, currently dropping to the front line of 700,000 tons. The loose pattern of US soybeans in the external market has been established, and negative factors have been realized. The soybean meal futures market has been supported, and the spot market has risen along with the market. As of November 27th, the average market price of soybean meal has risen to around 3,000 RMB/ton, an increase of over 1%.
The agricultural product analyst of SunSirs believes that during the sowing period of South American soybeans, there is still room for the soybean meal market to rise in the future.
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