SunSirs: Bad News Strikes, Soybean Meal Starts Diving Market, Price Drops 2.14% on August 23
http://www.chemnet.com Aug 24,2021 SunSirs
In mid-August, the US soybeans in the external market were positive and continued to pull back. Soybean meal fell following the market and began to continue to fall. On August 16, the average price of soybean meal was RMB 3,735/ton, and on August 23, the average price of soybean meal was RMB 3,655/ton, and the price dropped by 2.14%.
At the end of May, soybean meal began to weaken mainly until June. Soybean meal performed poorly throughout June. Soybean meal fell the most in mid-term, exceeding 6.5%. The performance of soybean meal was still poor in early July. Soybean meal fell by 1.53% in the week of July 5th. Starting on the 7th, soybean meal began to bottom out. Soybean meal in the week of July 12th saw a weekly increase of 1.47%. In the week of the 19th, soybean meal fell by 2.26%. It rose again in the week of July 26, rising 3.27%. In early August, after the soybean meal rose, there was a slight correction. On the 15th, due to the bullish data reported by the USDA, soybean meal resumed its upward trend. After the big increase, soybean meal began a full correction, and the price continued to fall. Soybean meal fell by 1.47% in the week of August 16.
Bad news strikes, the soybean meal starts to dive after the big rise
Beginning on August 7, soybean meal once again ushered in a rising market, which is still the U.S. soybeans pulling up, long-short game, oscillating upward. In mid-August, due to the bullish USDA report, U.S. soybeans rose sharply, and Chinese buyers' purchase orders for U.S. soybeans increased, and soybean meal rose again. On August 16, soybean meal futures rose more than 2% in a single day, and the spot rose more than 1% in a single day.
After August 17th, soybean meal began a continuous decline in the market, and the market continued to fall. The positive factors for the US soybeans materialized, the rainy weather appeared, and the bad news hit, and the US soybeans, which continued to rise sharply, began to pull back. Even the soybean meal fell following the market, and the domestic soybean meal spot was linked with the futures market, and the price continued to fall for nearly a week, with a drop of 2.73%.
There is still room for speculation in the US soybean market, and soybean meal is still expected to usher in a rise in the market outlook.