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January 18, 2018
                         
China Soymeal Weekly: Market weakens further, tumbles 5% since December (week ended Jan 15, 2018)
                                                                                  
An eFeedLink Exclusive
 

Price summary
 
Prices slid considerably.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Jan 8
(RMB/tonne)

Price as of Jan 15
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,050

3,000

-50

Liaoning

43%

3,080

3,030

-50

Hebei

43%

2,980

2,930

-50

Shandong

43%

2,950

2,900

-50

Jiangsu

43%

2,920

2,900

-20

Guangdong

43%

2,930

2,830

-100

Prices are representative and are for reference only.
RMB1=US$0.1554 (Jan 18)

 
 
Market analysis
 
Prices of CBOT March soy futures closed 1.05% higher during the week in review. Better climates in south America drove down the futures prices, driving it to a four-month low.
 
Demand for soymeal was weaker than expected, with transaction volumes plunging another 35% to 298,800 tonnes, from the previous week's low of 458,000 tonnes. Lacking confidence in the upcoming Chinese New Year market, feed millers limited ingredients purchases prudently.
 
With demand slack, soy crushing rates high, and global soy futures reaming weak, China's soymeal prices tumbled 1.1% during the period in review. Since early December, soymeal prices have tumbled almost 5%.
 
 
Market forecast
 
Cautious feed producers will continue to stock soymeal at a slow pace unless feed sales pick up strongly in the coming weeks. This will exert downward pressure on the market in conjunction with ample supplies and low soy import costs.
 

 


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