News summary
The price of U.S. soybeans is under pressure and is adjusted back at 1250 cents/Pucrashremastered, the U.S. Department of Agriculture reported that soybean planting progress exceeded expectations, U.S. wheat prices rebounded, and frosts in the Black Sea region affected yields. The domestic Lianmei M2409 faces a key level of 3600 yuan/ton, and its positions have reached a record high.
Newsletter text
U.S. soybean prices are under pressure at 1250 cents/Pu Pass
Overnight, U.S. soybeans 07 were under pressure at 1250 cents/Pu, pulling back 12crashremastered.25 cents closed at 1235 cents/Pu. Since May, two upswings of 1250 cents per Pu have not been successful. At the same time, the progress of U.S. soybean planting has accelerated. The U.S. Department of Agriculture reported that soybean planting has been completed by 52%, down from 61% in the same period last year, but higher than market expectations and the five-year average of 49%. Rainfall in the Midwest of the United States is unlikely to significantly delay sowing and will benefit early-sown soybean growth.
US wheat ends its four-game losing streak and rebounds strongly
In contrast with American beanscrashremasteredWhat is more, U.S. wheat rebounded at the beginning of the week, ending last week's four-game losing streak and rising from 650 cents per bushel to above 700 cents per bushel. Production concerns caused by frosty weather in the Black Sea region are one of the reasons for the increase in prices. Production expectations have dropped in both Russia and Ukraine, with Russia's wheat harvest forecast lowered to 83.5 million tons, and grain and oilseed harvests in northeastern Ukraine may also decrease.
Domestic continuous meal faces a key price of 3600 yuan/ton
The domestic continuous meal M2409 faces the test of 3600 yuan/ton. This price is an integer point that has been tested many times recently and is also the high point of M2409 since early November last year. At the same time, M2409's open position is also at a historical high of 2.27 million lots.
Lianmei prices continue to rise since low
Since the low of 3000 yuan/ton at the end of January this year, the price of M2409 first hovered around 3100 yuan/ton for one month in February, and the number of positions increased by 170,000 lots. Then, it rose to 3300 yuan/ton in mid-March, and lingered in the range of 3,280 - 3,400 yuan/ton for one and a half months. The number of positions increased significantly by more than 1 million lots. During the May Day period, U.S. soybeans rebounded with the help of floods in Brazil, providing confidence for domestic capital to boost. After the holiday, the price of M2409 quickly rose to around 3600 yuan/ton. Although there was a brief correction later, it has remained fluctuating in the range of 3,520 -3600 yuan/ton. The 3600 yuan/ton mark has not been effectively exceeded many times.
Pressure on Brazilian beans to concentrate in Hong Kong increases
As time goes by, the pressure on Brazilian beans to be concentrated in Hong Kong has gradually increased. Domestic supply and demand have both weakened, and the basis price settlement in May has basically come to an end. Whether domestic and foreign capital has the confidence to push up strongly, and what the pressure on your local soybean meal supply are the next key points to be paid attention to.