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China

January 8, 2018

China Soymeal Weekly: Falling sales drag down prices (week ended Jan 8, 2018)
 
An eFeedLink Exclusive
 

Price summary

Prices were mostly lower.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Dec 29
(RMB/tonne)

Price as of Jan 8
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,000

3,050

50

Liaoning

43%

3,080

3,080

0

Hebei

43%

3,000

2,980

-20

Shandong

43%

2,950

2,950

0

Jiangsu

43%

2,960

2,920

-40

Guangdong

43%

2,980

2,930

-50

Prices are representative and are for reference only.
RMB1=US$0.1540 (Jan 8)

 
 
Market analysis

Prices of CBOT March soy futures closed 0.94% higher during the week in review.

As most buyers have accumulated inventories before the New Year holidays, sales were slow during the first week of January. Soymeal transaction tumbled 38% over the week to a mere 458,000 tonnes. With crushing volumes stable, prices of soymeal slid in most regions.

On average, soymeal prices were lower by 0.67%.

Meanwhile, port inventories of soy were at a high of 8.28 million tonnes, some 22% higher compared with a year ago.
 

Market forecast

Soymeal demand is expected to be soft in the near term as feed millers have stocked ample supplies before the New Year holidays. This, in conjunction with abundant soy availability, will exert pressure on the soymeal market.
 

 


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