Beginning on July 8, soybean meal has staged a round of high platform diving market, which rose from the 8th to July 19, an increase of 2.75%. The diving market began on the 20th and fell to the 26th, a decrease of more than 3%. Beginning on the 27th, soybean meal once again ushered in a rising market, rising until August 3, an increase of more than 4.5%. Beginning on August 5, soybean meal began a slight correction, and there is a trend of high diving. As of August 5, the average market price of soybean meal was 3672 yuan/ton, up 3.6% from July 8.
After May 1st, soybean meal began to weaken mainly. It fell until June. Soybean meal performed poorly throughout June. Soybean meal fell the most in mid-term, exceeding 6.5%. The performance of soybean meal was still poor in early July. Soybean meal fell by 1.53% in the week of July 5th. Starting on the 7th, soybean meal began to bottom out. Soybean meal in the week of July 12th saw a weekly increase of 1.47%. In the week of the 19th, soybean meal fell by 2.26%. It rose again in the week of July 26, rising 3.27%. At the beginning of August, soybean meal showed a slight correction after rising, with an increase of 1.1% on the 5th.
The bearish still remains, the soybean meal may dive after the surge
In July, due to the speculation of the US soybean weather, the bullish support, soybean meal staged a wave of rising market, suppressed by terminal demand, its own inventory pressure was greater, and after the rise, it continued to dive. Approaching the end of the month, the external market was pulled up and the pressure on soybean meal inventory eased , Soybean meal once again ushered in the second round of rising prices.
Entering August, soybean meal began to continue the rising market at the end of July. This week has shown a downward trend, and the price has slightly corrected. The main reason is that terminal demand is weak, and the pressure on raw material imports of soybeans is still there. China imported 10.722 million tons of soybeans in June, an increase of 11.6% compared with 9.61 million tons of soybeans imported in May. Due to the rapid increase in the number of imported soybeans, soybean meal stocks continued to be at the top of one million tons, and the increase was mainly driven by external disks. Therefore, the continued upward momentum was insufficient, and there were successive corrections.
The supply is loose, the feed is weak, and the bad news is still there. Soybean meal may show a diving market.