Soybean Meal Spot Basis Quotes Decline Slightly

Yesterday, domestic soybean meal futures prices closed higher. Market concerns over U.S. soybean export demand eased, and CBOT soybean prices hit a nearly three-month high. Additionally, speculation on import soybean clearance and increased capital inflows drove the rise. On February 25, the main contract of Dalian Commodity Exchange soybean meal 2605 closed at 2,831 yuan/ton, up 50 yuan/ton or 1.80% from the previous trading day, and up 31 yuan/ton or 1.11% compared to before the holiday. The spot basis quote for soybean meal slightly declined. Post-holiday, market purchasing and sales have not fully recovered, and with some inventories held by downstream enterprises, soybean meal trading remains relatively quiet, and basis quotes weakened slightly. On February 25, the spot basis quotes for ordinary protein soybean meal in Northeast China were M2605+370 yuan/ton, in North China M2605+340 yuan/ton, in South China M2605+230 yuan/ton, down 30 yuan/ton from before the holiday; in East China M2605+230 yuan/ton, down 40 yuan/ton. Domestic soybean meal spot prices fluctuated slightly. On February 25, the price of 43% protein soybean meal in coastal areas ranged from 3,060 to 3,300 yuan/ton, up 0 to 30 yuan/ton from the previous day, and down 30 to 30 yuan/ton compared to before the holiday. The pace of domestic imported soybean procurement slowed during the holiday. Currently, China has nearly completed soybean purchases for March shipping, over 70% of April shipments are procured, and nearly 40% for May. Attention should be paid to subsequent oil mill vessel bookings and imported soybeans arriving at ports. (National Grain and Oil Information Center)