Domestic soybean meal spot prices fell back today, with quotes in some areas:
43% protein was quoted at 4,310 yuan/ton in Qinhuangdao, Hebei, down 30 yuan/ton; 43% protein in Tianjin was quoted at 4,300 yuan/ton, down 10 yuan/ton; Rizhao, Shandong The quotation of 43% protein is 4270 yuan/ton, down 20 yuan/ton; the quotation of 43% protein in Taizhou, Jiangsu is 4260 yuan/ton, down 30 yuan/ton; the quotation of 43% protein in Dongguan, Guangdong is 4260 yuan/ton, down 60 yuan/ton. Ton.
spot market, on June 10, the transaction volume of soybean meal from domestic mainstream oil factories increased slightly. The total transaction volume on that day was 109,000 tons, an increase of 60,900 tons from the previous day. The average transaction price was 4,366.38 yuan/ton, an increase of 34.05 yuan from the previous day. Yuan / ton.
futures market, the US soybean rose and fell back , and the domestic soybean meal futures fell sharply today. As of the close, the September contract closed at 4165, a decrease of 1.75%.
The US Department of Agriculture's supply and demand report released last Friday lowered soybean stocks, but at the same time raised Brazil and Argentina soybean production data. Overall, the report is neutral, and U.S. soybean bulls choose to leave the market with profits at a high level.
In addition, the U.S. CPI data for May rose, and the market's expectations for the Federal Reserve to raise interest rates increased. U.S. stocks fell sharply, and the U.S. dollar rebounded. Commodities were under pressure, and U.S. beans were not immune.
Multiple factors caused the US beans to fall back from their highs, but the July contract is still supported at 1,700 cents and remains strong. Relatively speaking, domestic soybean meal futures are much weaker. The September contract finally succeeded after hitting the pressure level of 4,200 yuan several times. However, the domestic soybean meal spot environment does not support the rise in futures prices. Soybean meal futures prices above 4,200 yuan are frightened and there is a slight disturbance. It will be defeated.
To sum up, soybean meal futures have fallen back to the support range after today's sharp decline. There may be a rebound in the short term, with the support level 4140-4160 and the pressure level 4200. In the mid-term, the pressure above 4200-4250 is relatively high, and it is difficult to break through for the time being. Be cautious about going long.
The soybean meal market is currently in a contradictory situation of "strong futures expectations and weak spot reality." However, the future trend of meal prices still depends on U.S. soybeans. Against the backdrop of U.S. soybeans hitting record highs, the cost of imported soybeans for oil mills has risen, crushing profits have declined, and the price support mentality has been strong. The spot price of soybean meal continues to adjust in line with futures prices. (Market analysis and operation suggestions are for reference only)
丨Source: Zhinongtong Quotebao
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