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March 15, 2018
                         
China Soymeal Weekly: Market remains firm despite cautious buying (week ended Mar 12, 2018)
                                                                                  
An eFeedLink Exclusive
 
 
Price summary
 
Prices were mostly higher.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Mar 5
(RMB/tonne)

Price as of Mar 12
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,250

3,360

110

Liaoning

43%

3,350

3,350

0

Hebei

43%

3,260

3,200

-60

Shandong

43%

3,200

3,250

50

Jiangsu

43%

3,200

3,250

50

Guangdong

43%

3,250

3,220

-10

Prices are representative and are for reference only.
RMB1=US$0.1584 (Mar 15)

 
 
Market analysis
 
Over the week, prices of CBOT May soy futures dipped almost 3%.  USDA increased the projection of soy production in the US and Brazil to 555 million bushels and 113 million tonnes respectively, but lowered that of Argentina to 47 million tonnes.
 
As CBOT soy futures market weakened, feed producers turned cautious and limited purchases of soymeal. Weekly transaction volume decreases sharply by 38% to 681,200 tonnes.
 
Although soymeal markets showed signs of weakening in some regions, prices were mostly stable to higher as crushers stood firm amid low inventory pressure.
 
 
Market forecast
 
China's soymeal market will be under pressure as CBOT soy futures prices have dropped significantly. Moreover, feed producers will hold back purchases while hog prices remain soft, decimating feed sales.
 

 

 

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