Decline in soybean meal prices in China increases pressure on global quotations
According to SunSirs Commodity Market Analysis System, in July, the average market price of soybean meal in China decreased by 7.69% from RMB3,302 to RMB3,048/t.
Soybean import volumes continued to rise in July, while soybean meal supply was unstable, adding to the pressure on stocks. In addition, forecasts of a good US soybean crop led to a sharp 6.12% decline in soybean meal prices in the first half of July. In the middle of the month on the background of supply deficit on the neighboring market of rapeseed meal prices for soybean meal increased by 2%, but later under the pressure of significant stocks again declined, losing over 7% for the month.
SunSirs experts believe that in August soybean meal prices in China will fall to historical minimum. However, the shutdown of processing plants as a result of very high temperatures may reduce the volume of supply and lead to an increase in soybean meal prices in the short term.
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