China’s soybean meal market continues to decline

According to the SunSirs China Commodity Analysis System, since May, soybean raw material imports to China have been dominated by negative factors, and the soybean meal market has been continuously declining. Since the beginning of the month, the market price of soybean meal on the domestic market has fallen by 13.77%.

After the May holidays, soybean imports to ports resumed, and with the introduction of tariff declarations, the soybean futures market began to decline. As noted by the SunSirs analytical center, producers are purchasing feed carefully and as needed. The domestic spot market for soybean meal is also declining.

As of May 20, the average spot price of soybean meal fell below 3,000 yuan, down almost 15%.

According to analysts, as of the end of May, the volume of imported soybeans remained high, and the workload of soybean oil plants increased. Demand at terminals continues to be average.

China’s April soybean imports hit their lowest in a decade, as long customs delays and late shipments from Brazil, caused by a slow harvest and logistical problems, disrupted the normal flow of cargo. Analysts forecast China’s soybean imports in May and June to reach about 11 million tonnes, a new record for the period and up 3% from a year earlier, but still near six-year lows.

Tags: China, soybean meal