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February 26, 2018
                            
China Soymeal Weekly: Soaring global soy prices strengthen China soymeal market (week ended Feb 26, 2018)
                                                                                  
An eFeedLink Exclusive
 
 
Price summary
 
Prices rose prominently.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Feb 13
(RMB/tonne)

Price as of Feb 26
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,030

3,030

0

Liaoning

43%

3,020

3,200

180

Hebei

43%

2,960

3,090

130

Shandong

43%

2,850

3,000

150

Jiangsu

43%

2,850

3,000

150

Guangdong

43%

2,860

3,010

150

Prices are representative and are for reference only.
RMB1=US$0.1584 (Feb 26)

 
 
Market analysis
 
Prices of CBOT May soy futures surged 4.9% over the past two weeks while China was on festive holidays.
 
Amid concerns that the dry spell in Argentina would cut soy harvests prominently, global soy prices strengthened, lifting China soymeal prices in tandem. Hence even though transaction volumes of soymeal were merely 120,000 tonnes during the period in review, prices surged tremendously compared with two weeks ago.
 
Currently, operation rates of soy crushers were around 55% as several players have not resumed production.
 
 
Market forecast
 
A strong global soy futures market will lend support to China's soymeal market. However, with animal feed demand poised to remain slow due to high releases in the period leading to Chinese New Year, feed producers will remain cautious.
 

 


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