China’s domestic soybean meal stocks are expected to continue to decline in November

On October 31, China National Grain and Oil Information Center reported that domestic soybean meal stocks have continued to decline since September, falling from a high of 1.5 million tons in early September to a current level of about 1 million tons.

With soybean imports to ports declining after November compared to the third quarter, domestic soybean meal stocks are expected to continue to fall going forward. Soybean purchases remain relatively low following the December shipment schedule and the market is concerned that China’s imported soybean shipments may decline in the coming months, which is favorable for domestic soybean meal prices. It is expected that domestic soybean meal prices may recover in November.

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Tags: stocks, China, soybean meal