This week's domestic soybean meal spot prices have increased

Yesterday, domestic soybean meal futures prices closed lower. Influenced by remarks such as Trump’s statement that “the war between the US and Iran will end quickly,” international crude oil prices retreated from high levels yesterday, leading to a collective decline in domestic commodity prices and weakening soybean meal futures prices. On March 10, the Dalian Commodity Exchange’s main contract for soybean meal 2605 closed at 2,973 yuan/ton, down 22 yuan/ton or 0.73% from the previous trading day, but up 137 yuan/ton or 4.83% compared to the same period last week. Domestic soybean meal spot prices have increased this week. This week, domestic soybean meal futures prices saw significant gains, coupled with a decline in spot inventory from the high of several million tons earlier, reducing supply pressure, which contributed to the rise in spot prices. On March 10, the price of 43% protein soybean meal in coastal areas ranged from 3,130 to 3,450 yuan/ton, up 70 to 220 yuan/ton compared to the same period last week; spot basis quotes for M2605 +180 to 390 yuan/ton, up 0 to 60 yuan/ton from the same period last week. (National Grain and Oil Information Center)