Core Viewpoint - Domestic soybean meal prices are experiencing a downward trend, with a recent drop of 20 yuan/ton, while trading activity remains relatively high [1] Price Summary - As of September 16, 2025, soybean meal prices in Tianjin are reported at 3030 yuan/ton for 43% protein content, consistent across multiple traders [2] - The futures market shows the main soybean meal contract closing at 3041.00 yuan/ton, with a slight decline of 0.33% [2] Shipping and Inventory Data - In the second week of September 2025, a total of 113.69 million tons of soybean meal were shipped, a decrease from 180.93 million tons in the same period last year, but with an average daily shipment increase of 31.95% [3] - As of September 12, major oil mills in the country hold 1.15 million tons of soybean meal in inventory, with expectations to reach around 1.20 million tons by the end of September [4] Market Analysis - According to a report from Jianxin Futures, China has not yet begun purchasing U.S. soybeans as the harvest season approaches, maintaining a 23% import tariff. The country is expected to rely on Brazilian soybeans as a primary substitute, with potential imports from Argentina, although a small import gap may still exist [5] - The market sentiment is cautious, with traders adopting a wait-and-see approach due to unfavorable USDA reports and potential trade changes, leading to a short-term outlook of low-level fluctuations [5]
现货供应压力持续存在 豆粕中短期低位震荡
Jin Tou Wang·2025-09-16 08:52