China’s soybean meal market fluctuates and rises in October

According to the SunSirs Commodity Market Analysis System, the soybean meal market showed mixed dynamics in October, but overall showed a fluctuating upward trend. On October 1, the average market price of soybean meal was 2,998 yuan per ton, and on October 30, it was 3,028 yuan per ton, an increase of 1.34%.

During the Independence Day holiday, prices for US soybeans in foreign markets fluctuated and rose. China has not yet opened purchases of US soybeans, and overall growth was limited. During the Independence Day holiday, the soybean meal futures price rose, contributing to growth in the domestic soybean meal spot market. The average market price for soybean meal rose to 3,000 yuan per ton.

In mid-October, demand for terminal feed was weak, and the stimulus from the futures market was limited. Growth in the soybean meal market was weak, and prices gradually declined. The average soybean meal price fell to approximately 2,900 yuan per ton.

At the end of October, the external soybean futures market rose, and the soybean meal market again demonstrated an upward trend. Due to weak demand for final feed, growth in the soybean meal market was limited. As of October 30, the average soybean meal price was approximately 3,000 yuan per ton, and prices continued to rise.

Agricultural commodity analyst SunSirs believes that robust demand for final feed will be weak in November, and pressure on raw material supply will persist. The soybean meal market will continue to weaken going forward.

Tags: China, soybean meal