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China
 
January 2, 2018

China Soymeal Weekly: Ample availability holds down prices (week ended Dec 29, 2017)
 
An eFeedLink Exclusive
 
 
Price summary

Prices stayed soft.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Dec 22
(RMB/tonne)

Price as of Dec 29
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,000

3,000

0

Liaoning

43%

3,100

3,080

-20

Hebei

43%

3,000

3,000

0

Shandong

43%

2,950

2,950

0

Jiangsu

43%

3,020

2,960

-60

Guangdong

43%

2,960

2,980

20

Prices are representative and are for reference only.
RMB1=US$0.1533 (Jan 2)
 
 
Market analysis
 
Prices of CBOT March soy futures surged during early parts of the week, but pared gains before the week ended. Compared with the previous week, closing prices were a mere 0.15% higher.

In China, weekly transaction volume of soymeal increased 8% to 740,000 tonnes as feed millers continued to stock inventories. With crushing volumes stable at 1.76 million tonnes, prices soymeal remained soft over the week.

Meanwhile, port inventories of soy in China were around 8.3 million tonnes, almost 20% higher compared with the same period in 2016.
 

Market forecast

Feed consumption is poised to be high between late January and mid-February, lending support to the soymeal market in conjunction with strong fishmeal prices. However, with supplies ample and the global soy market staying weak, prices are less likely to rise prominently unless China's stricter import control slashes supply tremendously.


 


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