Supply remains tight, further strengthening oil refineries' willingness to support soybean meal prices.

Due to sluggish soybean export sales and a strengthening U.S. dollar index, as well as traders adjusting positions ahead of the long weekend, CBOT soybean futures closed lower, with the benchmark contract down 0.4%. An increase in U.S. soybean acreage boosted the production outlook. More than 70% of the Brazil soybean harvest has been completed, and supply pressure continues to be realized. China has relaxed quarantine standards for weed content in Brazilian soybeans, and soybean imports have resumed normal clearance. At present, some oil mills are facing tight soybean supply, leading to shutdowns. As supply remains tight, it further strengthens oil mills’ willingness to hold prices for soybean meal. However, the volume of South American soybean arrivals at ports will continue to rise, keeping the forward supply environment relatively loose. Meanwhile, domestic demand from the livestock and aquaculture side is gradually cooling, and losses in livestock farming have resulted in demand that is lower than soybean meal output, so prices continue to trade in a choppy, weaker range. (Feed Industry Information Network)