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March 14, 2017
                          
China Soymeal Weekly: Softer prices move sales (week ended Mar 13, 2017)
                                                                            
An eFeedLink Exclusive
 
 
Price summary
 
Prices moved lower.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Mar 6
(RMB/tonne)

Price as of Mar 13
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,450

3,380

-70

Liaoning

43%

3,260

3,220

-40

Hebei

43%

3,150

3,110

-40

Shandong

43%

3,100

3,050

-50

Jiangsu

43%

3,150

3,100

-50

Guangdong

43%

3,090

3,030

-60

Prices are representative and are for reference only.
RMB1=US$0.1446 (Mar 14)

 

Market analysis
 
Prices of CBOT soy May futures plunged over 3% to two-month low, as the commodities market weakened under a strong US dollar.
 
Feed millers were cautious with soymeal buying although feed demand is expected to recover gradually. With supplies abundant, crushers lowered prices to promote sales, stimulating transaction of soymeal to increase 12% to 915,400 tonnes.
 
 
Market forecast
 
Soymeal inventories of major crushers have dropped over 2% over the past week whereas unfulfilled deals rose sharply by 15% to 3.7 million tonnes. Crushers will not be keen to lower soymeal prices.
 
However, with global soy market under pressure and feed millers treading prudently, prices of soymeal should remain weak in the near term.
 


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