Variety fundamentals
according tostraight flush（300033) iFinD data shows:
On August 12, the spot price of soybean meal in various regions was quoted at 2,982.86 yuan/ton, which was 1.86 yuan/ton higher than the main futures price (2,981.00 yuan/ton).
institutional view
Guangzhou Futures: U.S. soybeans have not stopped falling, and meals are still weak for a long time
Last Friday, U.S. soybeans fell 0.67%, with a low of 1,001.25 cents/pound, testing the 1000 line. The excellent rate of U.S. soybeans is 68%, the weather conditions are good, and high yields are still expected. There is no improvement in the fundamentals, and they are short for a long time. In terms of rapeseed, rapeseed exports in 2023/24 were 6.8593 million tons, a year-on-year decrease of 15.3%. The pressure on domestic soybean meal is also great. Recently, inventories have reached new highs. Most traders have problems with expanding their stocks. The acceleration of oil mills and slow delivery of goods by feed mills have put huge pressure on traders 'inventories. Rapeseed meal is weaker and has greater fluctuations than soybean meal. The supply of rapeseed is sufficient, but the current proportion of feed formula rapeseed meal is relatively small. When the price difference between soybean and rapeseed meal does not exceed 800, rapeseed meal is rarely used in feed mills. Under this background, it is expected that rapeseed meal will still be mainly weak.
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Article source:Straight Flush iNews
