SunSirs: Poor Demand for Terminal Feed, China Soybean Meal Market Declines
December 09 2024 13:57:31 SunSirs (Selena)
According to monitoring data from SunSirs, the soybean meal market has continued to decline since December 1st, with a drop of over 3%. On December 1st, the average market price of soybean meal was 3,024 RMB/ton. On December 6th, the average market price of soybean meal was 2,918 RMB/ton, a decrease of 3.51%.
After December 1st, the demand for terminal feed was poor, and soybean meal inventory increased, currently reaching 850,000 tons. The external market is dominated by bearish sentiment, with insufficient driving force for upward movement. The soybean meal futures market has weakened, while the spot market has followed suit and fallen. As of December 6th, the average market price of soybean meal has fallen to around 2,918 RMB/ton, a decrease of nearly 4%.
The agricultural product analyst of SunSirs believes that there is still room for speculation in the external market of legumes, and the soybean meal market is expected to break free from the weak downward trend.
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