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January 16, 2017


China Soymeal Weekly: China soymeal market stable despite falling CBOT soy futures (week ended Jan 16, 2017)
 

An eFeedLink Exclusive

  

  
Price summary


Prices were mostly stable.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Jan 9
(RMB/tonne)

Price as of Jan 16
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,450

3,450

0

Liaoning

43%

3,440

3,440

0

Hebei

43%

3,220

3,220

0

Shandong

43%

3,200

3,100

-100

Jiangsu

43%

3,250

3,250

0

Guangdong

43%

3,180

3,200

20

Prices are representative and are for reference only.
RMB1=US$0.1450 (Jan 16)

Market analysis


CBOT soy March futures prices surged higher before end of the week, making a weekly gain of 5%.


Despite a stronger CBOT soy market, soymeal prices remained flat in most parts of China. As supplies of soymeal were abundant amid plentiful soy imports and high operation rates of crushers, the market was under pressure. However, feed millers increased stocks before the Chinese New Year holidays, hence lending some support to the market.


On average, soymeal prices inched lower by 0.41%.


According to customs statistics, China imported 9 million tonnes of soy in December, slightly lower by 1.31% compare with a year ago. Total soy import for 2016 was 83.91 million tonnes, up by 2.66% year-on-year.

  

  
Market forecast


China's January soy imports are projected at 8-8.2 million tonnes. With feed demand poised to stay limited due to a weak livestock market, soymeal prices are seen soft in the coming period. 
 
 

 

 

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