In July, there was a game of long and short factors. At the beginning of the month, after soybean meal staged a high platform diving, it ushered in a bottoming out and the overall market oscillated and rose. At the beginning of the month, the average soybean meal market price was 3590 yuan/ton. As of July 21, the average soybean meal market price was 3622 yuan/ton, an overall increase of 0.91%.
Starting from late April, soybean meal is still dominated by a weak overall operation, with a large weekly decline. Soybean meal performed the worst in June, with the largest weekly decline of 6.57% in the middle of the month. Near the end of the month, soybean meal ushered in a rising market, with a weekly increase of 5.66%. The performance of soybean meal was still poor in early July. Soybean meal fell by 1.53% in the week of July 5th. Beginning on the 7th, soybean meal began to bottom out. Soybean meal increased by 1.47% in the week of July 12th. As of July 21st, soybean meal has quietly fallen. Increased by 2.48%.
Inventory pressure eased, soybean meal’s rally is back
Due to the bullish data in the US Soybean Report, in early July, even soybean meal rose for two days. On July 1, even soybean meal increased by 4.84%, and on the 2nd, soybean meal increased by 2.98%. The futures market rose sharply, and the soybean meal spot rose with the market, with a two-day increase of 4.52%, and the soybean meal spot ushered in a sharp rise.
Starting from July 5th, because soybean meal stocks continued to be at the top 1.14 million tons, terminal feed demand was general, external profit factors were fulfilled, and the driving force was insufficient. The soybean meal market continued to pull back for two days. As of July 7, the decline was as high as 2.35%.
After July 8th, the US soybeans in the outer market rose, and the demand for terminal soybean meal feed increased, and the soybean meal market returned to the upward trend. With repeated weather speculations, US soybeans fluctuated, and with the increase in imported soybeans to Hong Kong, soybean meal oscillated upward. As of July 19, the pressure on soybean meal stocks has eased, with a weekly drop of 4.38%. With bullish support, soybean meal maintained its upward trend as a whole.
Due to the decline in soybean meal inventory pressure and the improvement in terminal feed demand, soybean meal will continue to strengthen in the future.