Legumes soar and fall domestic crushing and feeding enterprises suffer heavy losses

Introduction: This report (Niu Qichang) recently, the U.S Department of Agriculture issued a report that the annual output of Soybean (4743, - 7.00, - 0.15%) will be greatly increased to 2971 million bushels due to rainfall With the release of this news, the main soybean futures contracts of the Chicago Board of trade fell 5%, the futures and spot prices of soybean meal (3143, - 23.00, - 0.73%), soybean oil (8466,28.00,0.33%) also fell sharply This "roller coaster" market is undoubtedly a heavy loss for domestic oil and feed enterprises that purchase a large amount of soybean and soybean meal at a high level in the early stage JCK "as a result of buying a batch of soybean meal raw materials at a high price in the early stage, it now loses money while producing." On November 16, Liu Xulei, manager of Kexin feed factory in Zhangqiu City, Shandong Province, was not happy with the soybean meal futures price of "high platform diving" He said that the factory needs to buy 600-700 tons of soybean meal every month, but even if it only has 20-30 days of soybean meal inventory, it still cannot avoid the losses brought by the sharp drop in the market in just one month Every ton of "pig feed" produced will lose nearly 200 yuan, while some feed enterprises venture to increase the inventory when the price is at a high of 4800 yuan / ton, resulting in even more heavy losses now At the same time of JCK's loss, the decrease of soybean futures price has brought certain benefits to feed enterprises Liu Xulei said that in the future, the operating cost of feed enterprises will be reduced and the capital chain will not be as tense as before Industry insiders said that compared with the feed industry, domestic crushing enterprises will face a total loss, if calculated according to the plate price, processing 1 ton of soybeans will lose 400-500 yuan; Northeast crushing enterprises, which will soon return to work, will face a dilemma of overall shutdown Manager Li of JCK boxing Xinlong oil press plant said frankly that his plant has been in a state of semi-stop production for more than half a year due to the unbearable operating pressure "I remember that in September, the spot price of soybean oil rose to 10200 yuan / ton, while in the last month, the price plummeted to 8500 yuan / ton If the factory has a large stock of soybeans, it must be a big loss " Mr Li said that 90% of the local crushing enterprises in boxing have been shut down due to the sharp fluctuation of the international futures market, and only one or two large-scale enterprises are still in operation JCK director of all this "behind the scenes" undoubtedly points to the U.S Department of agriculture, a decades old "drought in the United States" now seems more like a gimmick to push up soybean futures prices In this regard, Li Dequan, director of the Institute of financial engineering, Shandong University of Finance and economics, believes that "the degree of free competition and marketization of the international futures market is very high, and the weather forecast has strict and scientific professional norms Therefore, it is unlikely that the relevant agencies or departments of the United States deliberately manipulate the information to induce Chinese traders to rush to buy the spot or long in the futures market " JCK