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Chinese soybean meal prices turned downward after reaching a record average of 5,660 yuan/mt on Nov. 10, with spot prices at 5,000 yuan/mt in North China on Nov.
22, down 9% week on week. Crushers are increasing soybean processing, with weekly crush volumes expected to exceed 2 million mt, while meal inventories remain well below last year.
Higher crush volumes will raise meal output and build inventories, easing the tight supply that drove prices up, which points to lower soymeal prices in the near term for feed buyers.
spglobal.comNov 22, 2022Not 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.
