The rise in soybean meal prices is limited

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Due to active technical selling pressure, the weather forecast shows that next week in the US Midwest conditions are expected to be relatively mild. CBOT soybean futures closed down, with the benchmark contract falling 0.7% at settlement. The US soybean crop is in the most critical period for yield formation; potential weather risks such as hot forecasts, together with China’s large-scale purchases, still provide support to the market. Domestically, it is currently the peak period for imported soybeans arriving at ports; import volumes are high and inventories remain elevated. Oil mill operating rates are overall on the high side. Because import costs have risen, oil mills have followed with price increases, but soybean meal inventories continue to climb. With hog breeding losses, feed-raising enterprises mainly purchase on a “use as needed” basis, and trading remains subdued. The upside in soybean meal prices is therefore limited. (Feed Industry Information Network)
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