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January 11, 2017

 

China Soymeal Weekly: Prices fall prominently on excess supply (week ended Jan 9, 2017)

                                                                            

An eFeedLink Exclusive
  

 

Price summary

 

Prices moved lower.

 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Jan 2
(RMB/tonne)

Price as of Jan 9
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,450

3,450

0

Liaoning

43%

3,530

3,440

-90

Hebei

43%

3,220

3,220

0

Shandong

43%

3,400

3,200

-200

Jiangsu

43%

3,380

3,250

-130

Guangdong

43%

3,330

3,180

-150

Prices are representative and are for reference only.
RMB1=US$0.1444 (Jan 11)


 

Market analysis

 

CBOT soy March futures prices slid almost 1% during the week in review.

 

Total transaction volume of soymeal dropped prominently by 40,000 tonnes to 150,000 tonnes over the week amid slackened demand. This, together with higher crushing rates, which lifted output of soymeal by 1.35% to 1.8 million tonnes, dragged down prices by 2.8%.

         

Market forecast

 

Crushing rates are expected to increase in China as soy imports remain high. With feed demand sluggish, poor sales of soymeal coupled with excess availability will exert pressure on the market.
 

 

 

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