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January 4, 2017


China Soymeal Weekly: Prices weaken as market lacks stimulation (week ended Jan 2, 2017)
 

An eFeedLink Exclusive

 


Price summary


Prices dipped further.

 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Dec 25
(RMB/tonne)

Price as of Jan 2
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,450

3,450

0

Liaoning

43%

3,540

3,530

-10

Hebei

43%

3,200

3,220

20

Shandong

43%

3,450

3,400

-50

Jiangsu

43%

3,450

3,380

-70

Guangdong

43%

3,380

3,330

-50

Prices are representative and are for reference only.
 RMB1=US$0.1439 (Jan 4)

 

  

Market analysis


CBOT soy March futures prices consolidated higher over the week.


Demand for soymeal plunged over 50%, with transaction of major crushers at a mere 190,000 tonnes, while feed consumption stayed slow. With the operation rates of crushers higher at 59%, lifting weekly output by more than 1% to 1.75 million tonnes, soymeal prices slid another 0.78%.

 


Market forecast


Global soy futures prices are seen soft soy planting progresses smoothly in south America.


Domestically, sales of soymeal will be limited as feed producers are reluctant to expand output. With supplies abundant and demand slack, prices of soymeal are set to move lower.
 

 


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