SunSirs: Bearish Dominates, Soybean Meal Continues to Fall after National Holiday
After the National Day, the demand for terminal feed was sluggish, the US soybeans in the foreign market continued to fall, and the price of soybean meal continued to fall. The mainstream quotation fell below 3,800 yuan/ton, down 3%.
Beginning in mid-July, soybean meal rose after falling, with the largest weekly decline of 2.26% and the largest weekly increase of 3.27%. In August, the same ups and downs were mixed, mainly because the US soybeans in the outer market were in the growing period, and the soybean meal market was volatile. In September, the price of soybean meal strengthened, mainly driven by the stock market before the Mid-Autumn Festival. The highest weekly increase of soybean meal was close to 2%. Towards the end of the month, soybean meal prices entered a downward channel, with a weekly decline of more than 2%. Soybean meal continued its downward trend in October, falling to October 13, and the price of soybean meal has fallen by 3%.
Benefits dominate the post-holiday soybean meal market continues to decline weakly
During the National Day, the external soybean and soybean meal market was weakly down. After the holiday opened, even soybean meal staged a decline in the market, suppressed by the futures market, soybean meal spot fell following the market. Although soybean oil plants are shut down for maintenance and soybean meal stocks are low, the downside of soybean meal is limited to a certain extent. However, terminal aquaculture has entered the off-season of consumption, with multiple negative pressures, and the lack of growth in soybean meal has opened up a market that continues to fall, and prices have continued to fall.
The profit of the terminal aquaculture industry has shrunk, the feed demand is flat, and the US soybeans in the outer market are operating weakly, and the soybean meal market will continue to weaken in the short term.