China’s soymeal inventories have tripled over the past three months as large volumes of soybeans arrived in the country and feed demand is weak. China’s weekly soybean meal inventories climbed by 14% at the end of last week from the previous week to 1.09 MMT, more than triple levels in late March, according to Mysteel, a China-based commodities consultancy.
Chinese hog producers have faced negative margins since mid-2021, with heavy losses in the first five months of this year. Some production margins turned positive this month, but their profits are not yet enough to spur strong demand for soymeal.
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