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China's National Grain and Oil Information Center reported domestic soybean meal inventories at oil mills reached 1.24 million tons, above the 1 million ton level that historically precedes price declines. The Dalian soybean meal 2409 contract closed at 3,111 yuan/ton on July 15, down 6.1% on the week and 10% on the month.
Rising crush-plant inventories signal ample meal supply in China, pressuring soymeal prices and reducing import demand for soybeans.
sunsirs.comJul 17, 2024After 34 past bearish logistics events, Soybean Meal moved a median +0.4% over 5 sessions (53% higher; middle half -1.8% to +2.6%), and -1.2% over 20.
After 297 past bearish logistics events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.5% to +1.8%), and +0.7% over 20.
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.
