Domestic soybean meal supply pressure & Brazil cnf liter discount quotation down, even the meal short-term or weak shock

Golden Ten Futures, June 17, June USDA report adjustment is limited, the report has little impact on the market. At present, the weather in the US bean producing areas is relatively smooth to pressure the price of US beans. The rain in the US bean producing areas is acceptable, the soil moisture is good, and the planting work continues to advance. As of June 9, the sowing rate of US beans was 87%, the previous week was 78%, and the same period last year was 96%. Based on the overall weather performance of the US bean producing areas in the planting season, the first report on the excellent and good rate of US beans also gave a level of 72%, the highest level in the same period since 2020. Overall, the domestic soybean meal supply pressure is relatively large, and the Brazilian cnf liter discount quotation is declining, even the import cost of meal is falling, and even the meal is weak in the short term. However, in the context of the transition from El Niño to La Niña this summer to autumn, the weather in the future soybean-producing areas is at risk of drying out, and there will still be a certain weather premium for American beans. The main range of soybean meal is 3300-3600, and the main range of rapeseed meal is 2500-2700.