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2026-07-14 19:26:14
[Soybean Meal Transactions Decline for Two Consecutive Days, Spot Market Volume Shrinks Significantly] ⑴ On Tuesday, the total transaction volume of soybean meal at major domestic oil plants was 74,700 tons, a decrease of 25,700 tons from the previous trading day, marking the second consecutive day of decline and widening the gap with last week's average of 310,000 tons. ⑵ Of this, spot transactions totaled 72,200 tons, while basis transactions amounted to only 2,500 tons, with spot transactions accounting for a high 96.7%, indicating extremely low market willingness to purchase on the basis in the forward market, with trading concentrated on immediate demand. ⑶ Monday's transaction volume of 100,400 tons was already a decrease of 75,600 tons from last Friday, and Tuesday saw a further contraction, with a cumulative decrease of over 100,000 tons in two days, indicating a rapid decline in trading activity. ⑷ Last week's peak transaction volume occurred on Monday at 336,000 tons, followed by a gradual decline each day, reaching less than a quarter of the peak on Tuesday, reflecting that downstream buyers, after concentrated restocking in the previous period, have entered a phase of inventory digestion, with limited new purchasing power. (5) The total transaction volume in the spot market over the past two days was 128,600 tons, which is still lower than the daily average of 64,480 tons last week. The pace of terminal delivery has not accelerated significantly with price fluctuations. Going forward, attention should be paid to changes in the operating rate of oil plants and the number of days of physical inventory of feed companies.
