- NEWS Desk Global
CHINA'S SOYOIL, MEAL FUTURES TUMBLE TO OVER SIX-MONTH LOW ON SLOWING DEMAND
On Tuesday, soybean oil prices on China's Dalian Commodities Exchange experienced a third consecutive decline, accompanied by a drop in soymeal prices, attributed to slowing demand amidst increased supply from South America.
The soybean oil contract for May delivery saw a significant 3.8% decrease, reaching a seven-month closing low of 7,204 yuan ($1,003.79) per metric ton, marking its most substantial daily decline in over a year. Similarly, the most-active soymeal contract recorded its fourth consecutive drop, closing at 2,944 yuan ($410.21) per ton, the lowest level since mid-July 2023.