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February 28, 2017
                         
China Soymeal Weekly: Ample supply, flat demand weaken prices (week ended Feb 27, 2017)
                                                                            
An eFeedLink Exclusive
 
Price summary
 
 
Prices slid further.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Feb 20
(RMB/tonne)

Price as of Feb 27
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,450

3,450

0

Liaoning

43%

3,330

3,220

-110

Hebei

43%

3,180

3,120

-60

Shandong

43%

3,150

3,080

-70

Jiangsu

43%

3,200

3,180

-20

Guangdong

43%

3,140

3,130

-10

Prices are representative and are for reference only.
RMB1=US$0.1455 (Feb 28)


Market analysis
 
Prices of CBOT soy May futures tumbled 2% as the projection of US planting acreage expanded while South America enjoyed favourable climates of late.
 
Prices of soy futures in Dalian Commodities Exchange dipped nearly 1% as a result.
 
In the spot market, prices dropped 1.4% on average as weekly transaction volumes plunged from 600,000 tonnes in the previous week to 510,000 tonnes, lower by a tremendous 15%. With animal feed demand staying flat, feed producers held back soymeal purchases while limiting output.
 
Meanwhile, China's port inventory of soy totalled 6.8 million tonnes, slightly higher compared with the same period a year ago. Total soy imports for February are projected at 6 million tonnes.
 
 
Market forecast
 
Global soy market is set to remain soft with the soy production of the US and South America expected to be high. With import costs of soy trending lower, supplies abundant and feed demand slack, China's soymeal market will be under pressure in the coming period.
 


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