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January 22, 2018
                         
China Soymeal Weekly: Prices rebounds as global soy futures market strengthens (week ended Jan 22, 2018)
                                                                                  
An eFeedLink Exclusive
 
 
Price summary
 
Prices were stable to higher.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Jan 15
(RMB/tonne)

Price as of Jan 22
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,000

3,000

0

Liaoning

43%

3,030

3,040

10

Hebei

43%

2,930

2,940

10

Shandong

43%

2,900

2,900

0

Jiangsu

43%

2,900

2,870

-30

Guangdong

43%

2,830

2,870

40

Prices are representative and are for reference only.
RMB1=US$0.1561 (Jan 22)

 
 
Market analysis
 
Prices of CBOT March soy futures closed 1.4% higher during the week in review, as the harvests in Argentina raised concerns.
 
In China, soymeal prices consolidated higher, rising 0.90% on average.
 
Weekly sales for soymeal remained at a low of 299,000 tonnes, showing little improvement compared with the previous week. Meanwhile, crushing rates were stable with major crushers producing 1.75 million tonnes of soymeal over the week. Hence, even as global soy futures prices strengthened substantially, soymeal market lacked momentum with supplies exceeding demand.
 
 
Market forecast
 
The cautious mood of feed millers will put a lid on soymeal prices. With a strong renminbi helping to mitigate the rise in soy import costs, crushers and traders will be able to hold prices low in attempts to entice buyers.
 

 


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