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China's soybean meal market declined over 5% in October, with the average price falling from 3,186 to 3,002 RMB per ton. Soybean imports were 11.37 million tons in September, up 59% year on year.
Inventories have stayed around 1 million tons, and US record soybean output weighed on futures.
Ample imported soybean supply and weak futures keep Chinese meal prices under pressure. Demand for imported meal is therefore less supportive of global prices.
sunsirs.comOct 31, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
