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SunSirs reports that China's soybean meal prices fell over 16% in Q2 2020 before rebounding in July. The average spot price reached RMB 3,072/ton on July 28, up 7.62% from early July.
Gains were driven by a lower USDA planting area estimate, recovering pig and aquaculture feed demand, and Sino-US tensions, offset by heavy soybean imports.
Rising Chinese meal prices and restocking-driven feed demand support soybean meal values, though heavy import supply limits the upside.
sunsirs.comJul 29, 2020Not 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.
