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February 16, 2018

China Soymeal Weekly: Waning demand softens prices despite a strong soy future market (week ended Feb 13, 2018)
 
An eFeedLink Exclusive
 
 
Price summary

Prices moved lower.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Feb 5
(RMB/tonne)

Price as of Feb 13
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3050

3,030

-20

Liaoning

43%

3,020

3,020

0

Hebei

43%

2,960

2,960

0

Shandong

43%

2,890

2,850

-40

Jiangsu

43%

2,860

2,850

-10

Guangdong

43%

2,850

2,860

10

Prices are representative and are for reference only.
RMB1=US$0.1575 (Feb 15)

 
 
Market analysis

Prices of CBOT March soy futures closed 1.4% higher during the week in review.

However, a strong global soy futures market could not help to strengthen China's soymeal prices. Hog prices plunged during the period in review, further dampening the confidence of feed miller who were already wary of a weak post-festive market.

Soymeal demand dwindled, dragging prices lower by 0.66% even though weekly crushing volumes tumbled 27% to 787,000 tonnes.
 

Market forecast

After the festive hiatus, soymeal market will be under pressure. Although CBOT soy futures prices are likely to rise further, demand for hog feed is set to be low due to high releases in January and February. Moreover, with port inventories of soy high, supplies of soymeal are seen abundant.
 

 


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