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The soybean meal price continues to stay in a fluctuating and slightly weak trend
Because the soybean planting area forecast released by the U.S. Department of Agriculture was below market expectations, supporting the CBOT soybean futures benchmark contract to close up 1%. The U.S. soybean market struggles to resist the seasonal pressure from the harvest and listing of South American soybeans, even though some oil mills are currently experiencing soybean shortages leading to shutdowns. The tight supply of soybean meal continues to strengthen factories’ willingness to hold prices. However, easing quarantine inspections on imported Brazilian soybeans will gradually increase the clearance volume. At this stage, demand is gradually weakening, and farming losses will lead to demand being less than soybean meal production, so soybean meal prices will continue to fluctuate weakly. (Feed Industry Information Network)