China’s soybean meal stocks continue to decline
According to SunSirs, a China commodity research center, Chinese oil mills ramped up soybean processing during the pre-holiday workdays in the week beginning February 6. Weekly soybean processing volumes reached a record high, while soybean meal production increased, boosting inventories to 900,000 tons.
This weekend marks the start of the Spring Festival, and oil mills will be closed. By the end of the month, inventories are expected to decline to approximately 700,000 tons.
According to the center, the domestic soybean meal benchmark price was 3,164 yuan per ton on February 11, down 0.44% from the beginning of the month (3,178 yuan per ton).
As a reminder, last year, soybean meal inventories in China reached a record high of one million tons amid booming imports, and then slowly declined.
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