Soybeans fell, soybean oil rose, soybean meal was in a dilemma

Today, the futures price of soybean meal fell slightly, and the main contract fluctuated in a narrow range during the day, failing to break through the previous pressure level of 3200, reducing the position and weakening the trend.

The rise in soybean meal futures prices was blocked, mainly due to the slight decline in US beans overnight. In addition, the strong momentum of rapeseed meal today also showed a weak upward trend, dragging the soybean meal futures price upwards.

According to market news, oil mills last week crushing fell, soybean oil stocks fell, spot prices strengthened, forming support for futures prices, soybean oil rose slightly today, putting soybean meal under pressure.

Today, soybean meal spot traders around the country also quoted 20-30 yuan down.

Qinhuangdao 43% protein traders quoted 3460 yuan / ton, down 20 yuan / ton from yesterday; Tianjin 43% protein traders quoted 3420 yuan / ton, down 40 yuan / ton from yesterday; Shandong Qingdao 43% protein traders quoted 3430 yuan / ton, down 30 yuan / ton from yesterday; Jiangsu Taizhou 43% protein traders quoted 3400, down 30 yuan / ton from yesterday; Guangdong Dongguan 43% protein soybean meal oil factory quoted 3330 yuan / ton, down 30 yuan / ton from yesterday.

In summary, the soybean meal market currently lacks news guidance and can only passively follow the trend of US beans. At present, the strong demand for U.S. soybean meal and the firm price will support the U.S. soybeans, which will limit the decline of domestic soybean meal to a certain extent. However, the domestic demand side is not enough to support the rise in soybean meal prices, and it is expected that soybean meal prices will still passively follow the outer disk in the near future, mainly shocks. In the later stage, we paid attention to the price of U.S. beans and the crushing situation of domestic oil mills. (Market views and operational recommendations are for reference only)

丨Source: Zhinongtong Quote Treasure 丨 Original Author: Zhang Xiaoyan

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