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2026-07-13 19:08:14
[Soybean meal spot transactions hover at low levels, market sentiment becomes cautious] ⑴ On Monday, the total transaction volume of soybean meal at major oil plants nationwide was only 100,400 tons, a decrease of 75,600 tons from the previous trading day, of which spot transactions were 56,400 tons, maintaining a low level for two consecutive trading days. ⑵ Last week, soybean meal transactions showed a trend of rising first and then falling. After a high volume of 582,100 tons at the beginning of the week, the volume shrank day by day, falling to 140,600 tons on Wednesday, briefly rebounding to 176,000 tons on Thursday, and further declining to around 100,000 tons on Friday, with a weekly range of over 480,000 tons. ⑶ The average total transaction volume of soybean meal last week was approximately 310,000 tons, of which the average spot transaction volume was approximately 64,500 tons. The basis trading of distant months contributed the vast majority of the volume increase at the beginning of the week, indicating that the market had a strong willingness to lock in distant-month supplies when prices were relatively low. ⑷ The continued sluggish spot transactions reflect the slowdown in the pace of delivery by downstream feed companies, the rising wait-and-see sentiment among end users, low acceptance of current prices, and a focus on immediate needs. (5) We will continue to monitor changes in the operating pace of oil mills and the inventory situation of downstream livestock farms. If spot transactions continue to fail to recover effectively, the pressure of soybean meal inventory accumulation at oil mills may gradually increase, putting downward pressure on the spot basis.
