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February 8, 2017

 

China Soymeal Weekly: Prices unchanged during festive period (week ended Feb 6, 2017)

                                                                            

An eFeedLink Exclusive
 

 

Price summary

 

Prices stayed flat.

 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Jan 23
(RMB/tonne)

Price as of Feb 6
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,450

3,450

0

Liaoning

43%

3,460

3,460

0

Hebei

43%

3,270

3,270

0

Shandong

43%

3,150

3,150

0

Jiangsu

43%

3,220

3,220

0

Guangdong

43%

3,270

3,270

0

Prices are representative and are for reference only.
RMB1=US$0.1453 (Feb 8)

 

 

Market analysis

 

CBOT soy March futures prices were little changed over the past two weeks. The price dip during the last week of January was counterbalanced by an equally strong rebound during early February.

 

In China, soymeal trade was light due to the celebration of Chinese New Year. During the last week of January and the first week of February, trade was almost non-existent as most feed millers halted production. Although the market was officially opened starting last Friday, few if any feed producers resumed operation.

  
      

Market forecast

 

Domestic demand for soymeal is poised to decrease due to diminished animal inventories following January’s high pre-festive releases. Unless the global soy market strengthens prominently amid supply concerns, soymeal prices are unlikely to firm up in China during February.

 


 

 

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