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Chinese downstream firms may increase soybean meal stocking in August after prices fell by 350-400 RMB/ton spot and nearly 500 RMB/ton futures since June. Inventory is about 1.3 million tonnes against monthly demand near 6 million tonnes, and reduced South American imports from September could tighten supply.
Expected restocking and reduced import arrivals could firm Chinese soybean meal prices, though the bullish case depends on tighter supply later in the year.
sunsirs.comJul 25, 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.
