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January 23, 2017
                        
China Soymeal Weekly: Lower output perks up prices (week ended Jan 23, 2017)
                                                                            
An eFeedLink Exclusive
 
 
Price summary
 
Prices were stable to higher.
 

Weekly transacted prices of second-grade corn in China (Moisture content 14%)

Region

City/ Port

Price type

Price as of Jan 16 (RMB/tonne)

Price as of Jan 23 (RMB/tonne)

Price change (RMB/tonne)

Heilongjiang

Haerbin

Ex-warehouse

1,450

1,450

0

Jilin

Changchun

Ex-warehouse

1,540

1,540

0

Liaoning

Shenyang

Ex-warehouse

1,550

1,550

0

Inner Mongolia

Tongliao

Ex-warehouse

1,550

1,542

-8

Shandong

Dezhou

Ex-warehouse

1,700

1,700

0

Shandong

Weifang

Ex-warehouse

1,680

1,672

-8

Hebei

Shijiazhuang

Ex-warehouse

1,650

1,650

0

Henan

Zhengzhou

Ex-warehouse

1,680

1,680

0

Jiangsu

Xuzhou

Ex-warehouse

1,740

1,728

-12

Shaanxi

Xi'an

Ex-warehouse

1,620

1,620

0

Jiangsu

Lianyungang

Rail Station

1,743

1,728

-15

Zhejiang

Hangzhou

Rail Station

1,768

1,744

-24

Shanghai

-

Rail Station

1,768

1,744

-24

Sichuan

Chengdu

Rail Station

1,880

1,866

-14

Liaoning

Dalian

FOB

1,503

1,488

-15

Liaoning

Jinzhou

FOB

1,503

1,488

-15

Guangdong

Shekou Port

CIF

1,670

1,632

-38

Fujian

Fuzhou

CIF

1,688

1,632

-56

All prices are representative and are for reference only.
RMB1=US$0.1459 (Jan 23)

 

Market analysis
 
CBOT soy March futures prices rose 2.2% as floods in Argentina threatened corn output while strikes in Brazil hampered deliveries.
 
Dalian soy futures prices strengthened on the back of soaring global soy prices, higher by 2.5% over the week. This, coupled with lower crushing rates, which limited weekly soymeal production to 1.78 million tonnes, lent support to the spot soymeal market.
 
Prices of soymeal were higher by 0.81% on average.
 
 
Market forecast
 
Crushers will be halting operation for the first couple of weeks of February due to the celebration of Chinese New Year. Demand for soymeal will stay poor in the coming weeks amid limited feed production.
 
However, should prices of soy surge in the global market due to concerns over diminished supplies from south America, soymeal prices are still likely to move higher in China.
 


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