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March 22, 2017
                           
China Soymeal Weekly: Market weakens as trade dwindles (week ended Mar 20, 2017)
                                                                            
An eFeedLink Exclusive
 
 
Price summary
 
Prices dipped further.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Mar 13
(RMB/tonne)

Price as of Mar 20
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,380

3380

0

Liaoning

43%

3,220

3,150

-70

Hebei

43%

3,110

3,080

-30

Shandong

43%

3,050

3,000

-50

Jiangsu

43%

3,100

3,080

-20

Guangdong

43%

3,030

3,010

-20

Prices are representative and are for reference only.
RMB1=US$0.1453 (Mar 22)


Market analysis
 
Prices of CBOT soy May futures consolidated lower amid higher projections for Brazil's upcoming soy harvest.
 
With the outlook of the livestock markets uncertain, feed millers were reluctant to stock high inventories of raw ingredients. Transaction volume of soymeal plummeted about 40% over the week to 610,000 tonnes, as users withheld buying after securing ample supplies.
 
Meanwhile, port inventories of soy were lower by 4.8% on-year at 6 million tonnes.
 
 
Market forecast
 
Global soy prices are seen soft amid ample supplies. This, coupled with cautious domestic demand, will weigh on soymeal prices in China.
 
 
 


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