China’s soybean meal market continues to fall

According to the analysis of China’s national commodity market monitoring system, the domestic soybean meal market still maintains a downward trend, fluctuating during the first half of the month. The average market price of soybean meal fell by more than 4%.

According to the General Administration of Customs, China’s soybean imports in September 2024 totaled 11.37 million tons, down 6.3% from the previous month and up 59% year-on-year. From January to September, the cumulative volume of China’s soybean imports was 81.85 million tons, up 8.1% from the same period last year. The volume of soybean imports decreased in September but remains high. Pressure on soybean import supply remains, limiting the upward trend in soybean meal prices.

As of October 15, soybean meal stocks totaled 1 million tons and are showing a downward trend. As October approaches, demand in the terminal livestock industry is declining and soybean meal purchases by feed mills are declining.

Analysts believe that the soybean meal market is currently at a low level, resulting in lower optimistic expectations, low purchasing volume, limited transactions, weak demand and a continuously declining market. The news of high U.S. soybean crop will be digested by the market and the soybean meal market is expected to grow in the future.

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Tags: soybean meal, China