The rise in soybean meal has not changed. Where is the upward driver coming from?

Golden Ten Futures on May 23, the main contract of soybean meal opened higher and rose by nearly 1% in the day. CICC Fortune Futures said that at present, the output loss caused by the floods in southern Brazil is still supportive of the US soybean market, but the domestic and external demand for US beans has both declined, especially in the first four months of this year, the export of US beans to China fell by as much as 40%. The rising inventory pressure is becoming an important resistance to the upward trend of US beans. The start of US beans is basically normal. Before the weather theme becomes the focus of trading, the expected increase in production will limit the upward space of the US soybean market. The US Department of Agriculture has made a more relaxed outlook for global soybean supply in the new year. If the expected future high yield is gradually realized, the new pattern of supply and demand fundamentals will promote the downward shift of the price center of CBOT soybeans. The upward drive of the domestic soybean meal market mainly comes from the cost side. Affected by the repeated shock of US beans and the continuous rebound of domestic soybean meal inventories, the domestic soybean meal future market maintains a high shock state, and the continued expansion of the increase still needs to be cooperated by US beans.