Recently, soybean meal will maintain a weak and volatile market.
According to the China Fodder Industry Information Network on July 31, although oil plants have reduced production and urged buyers to take away expired contracts to alleviate inventory pressure due to swollen warehouses in recent days, in the case of weak and volatile soybean meal prices, feed and breeding enterprises have a strong wait-and-see attitude, cautious in purchasing, and oil plant soybean meal stockouts are still relatively slow, leading to a continued upward trend in soybean meal inventory.
Daily Weather Tracking: It may be difficult to alleviate the drought in the American Plains, which may be unfavorable for crop growth.
The National Weather Service's 6-10 day outlook for July 2nd to 6th shows above-normal precipitation levels in the Four Corners region and across the Great Plains, Midwest, and New England from northwest to east.
Chicago SRW wheat prices continue to weaken while sentiment for soybean and corn is bullish.
Weekly overview. This week, the price of hard red winter wheat (HRW) continued to decline due to the improved crop outlook for wheat.
【Daily Weather Tracking】USA's plains region has received precipitation, which may be beneficial for spring crops.
The 6-10 day outlook from the National Weather Service in the USA on June 23-27 shows that temperatures and precipitation in most of the country are near or above normal.
CICC Wealth Management Futures: Supply pressure and bearish expectations pushed the center of gravity of meal futures prices to oscillate and fall.
On June 18, Gelunhui reported that the main contracts of rapeseed meal and soybean meal shockingly fell, with a decline of more than 1%. China Golden Finance Futures indicated that U.S. soybeans have been under pressure and have experienced a significant pullback. Domestic soybean imports are sufficient, while the pace of soybean meal accumulation in oil factories accelerates due to high operating rates, and the weak linkage of futures and spot market has kept the meal prices falling. The domestic meal futures market on Monday continued to fall along with the weak U.S. soybean market. The positions decreased significantly, and the closing price fell sharply. The September contract for soybean meal hit a one-and-a-half-month low, and technically lost the 60-day moving average, completing the gap filling left in early May. Currently, the weather is not supportive for U.S. soybeans, and domestic commodities are generally falling again. The pressure of supply and bearish expectations are pushing the meal futures
Daily weather tracking: Extreme weather has affected corn growth in the United States planting areas.
The 6-10 day outlook from the National Weather Service in the USA shows that, except for some parts of the southern Texas area, most parts of the country are expected to have above-normal temperatures.