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China's soybean meal market rose about 15% from June 1 to July 20, from 3,770 to 4,342 RMB/ton, reaching new highs. Soybean meal inventories fell to around 520,000 tons by mid-July after an earlier peak of 710,000 tons in late June.
Imports rose 13.6% year on year in the first half of 2023, which eased tightness.
Tightening domestic meal stocks support Chinese soymeal prices, while record imports cap the rally. Feed buyers should expect firm meal prices in China with limited downside while inventories stay low.
sunsirs.comJul 24, 2023Not 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.
