Related news] 1. As of February 29, Brazil's soybean harvest progress was 40%, compared with 40% a week ago, up from 43% in the same period last year, Brazilian consulting agency Agrural said on Monday.
2. The U.S. Department of Agriculture's weekly export inspection report shows that in the week ending February 29, 2024, the United States shipped 835,430 tons of soybeans to China (mainland), an increase of 40% from a week ago, but a year-on-year increase of 62%.
3. Private exporters reported selling 126,000 tons of soybean meal to unknown destinations, of which 30,000 tons were delivered in 2023-24 and 96,000 tons in 2024-25, according to a single-day export sales report released by the U.S. Department of Agriculture on Monday.
Soybean meal**] was boosted by dip buying and short covering, coupled with the recent sharp increase in soybean export inspections in the United States, CBOT soybeans*** of which the benchmark period closed about 03%。Affected by the trend of soybeans in the U.S. market, soybean meal continued to open high today, and the main 2405 contract closed at 3135 yuan ton, up 26 yuan ton, an increase of 084%。
Soybean meal spot] Today, the national oil mills and merchants 43% protein soybean meal ** slightly sorted, of which Yingkou oil mill 3390 yuan ton, down 10 yuan ton; Qinhuangdao Oil Plant 3360 yuan ton; Tianjin ** merchant 3340 yuan ton, down 10 yuan ton; Yantai Oil Plant 3,350 yuan ton, up 20 yuan ton; Zhangjiagang Oil Plant 3320 yuan ton; Quanzhou oil plant 3350 yuan ton; Dongguan oil mill 3320 yuan ton; Fangchenggang Oil Plant was 3,320 yuan ton, down 10 yuan ton; Xi'an Oil Mill 3470 yuan ton.
Market outlook] U.S. soybeans stopped falling and rebounded, and Brazilian soybeans rose at a premium*** to support imported soybeans** to follow**. Although the demand for feed breeding after the Spring Festival is gradually light, but the early soybean meal ** is weak after the downward trend buyers wait and see more, the stock is less resulting in low inventory, and in recent days, the cost ** to support soybean meal *** after the enhancement of buyers' stocking demand, soybean meal ** has stopped falling*** However, according to the current **increase but the demand is gradually thin, soybean meal** or continue to maintain**weak**.
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