Futures market tracker: Soybean meal fell sharply before the holiday

2022-07-13 0 By

Soybean meal opened directly diving, successive losses of 4000, 3900 two integer mark, down nearly 4%.Strategic point of view: at present, seven consecutive shades have been formed. Observe the support strength of the 40-day moving average first, and look at the 60-day moving average once it falls below.Talking about the underlying fundamentals, in terms of supply, USDA expects 90.95 million acres of Soybean acreage in 2022, higher than most market expectations and reflecting expectations of increased soybean supply this year and next.After planting report risk release, the market focused on April 1 state reserve 500,000 tons of soybean auction.In terms of demand, the downstream procurement on demand has not seen a clear improvement, observe whether the recovery of pig prices will boost spot consumption.Inventories, as of March 1, American bean stocks were 1.9 billion bushels, up 24% from a year earlier (source: WIND, Everbright Futures Research Institute).The information in this report is from publicly available information. Our company does not guarantee the accuracy and completeness of such information, nor do we guarantee that the information and recommendations contained in this report will not change. The report is only for professional investors of our customers.We have made every effort to be objective and fair in the report, but the views, conclusions and suggestions in the report are for reference only. The information or opinions in the report do not constitute the basis for the operation of the mentioned varieties. Any investment decisions made by investors based on this have nothing to do with the company and the author.