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February 5, 2018
                     
China Soymeal Weekly: Demand surge stabilises prices (week ended Jan 2, 2018)
                                                                                  
An eFeedLink Exclusive
 
 
Price summary
 
Prices were mostly stable.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Jan 29
(RMB/tonne)

Price as of Feb 5
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,000

3050

50

Liaoning

43%

3,020

3,020

0

Hebei

43%

2,950

2,960

10

Shandong

43%

2,900

2,890

-10

Jiangsu

43%

2,860

2,860

0

Guangdong

43%

2,850

2,850

0

Prices are representative and are for reference only.
RMB1=US$0.1587 (Feb 5)

 
 
Market analysis
 
Prices of CBOT March soy futures closed 0.69% lower during the week in review.
 
Demand for soymeal improved prominently as feed producers stocked inventories before the Chinese New Year holidays. Weekly transaction volume surged a whopping 195% to 1.08 million ttonnes. Meanwhile, crushing volumes decreased 1.25% to 1.75 million tonnes. With demand robust and supplies dwindling, soymeal prices stabilised curing the week in review.
 
 
Market forecast
 
Feed millers are building soymeal inventories much later than usual this year partly because Chinese New Year arrives late, and partly the result of cautious buying. Demand for soymeal is expected to remain firm in the coming week, lending support to the market.
 
However, with soy port inventories at a high of 9.1 million tonnes, some 30% more than a year ago, the upward scope of soymeal prices will be limited amid excess availability.
 


 
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