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Market Reports

March 24, 2020                 
 
China Soymeal Weekly: Prices soar on dwindling availability (week ended Mar 23, 2020)
                                                                                  
An eFeedLink Exclusive
 

Price summary
 
Prices moved higher.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of
Mar 16
(RMB/tonne)

Price as of
Mar 23
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

2,862

2,920

58

Liaoning

43%

2,954

3,034

80

Hebei

43%

2,896

2,948

52

Shandong

43%

2,768

2,878

110

Jiangsu

43%

2,800

2,938

138

Guangdong

43%

2,772

2,878

106

Prices are representative and are for reference only.
RMB1=US$0.1409 (Mar 24)

 
 
Market analysis
 
Over the week, prices of CBOT May soy futures strengthened 1.6%.
 
As soy imports were limited during March, several crushers halted operation resulting in tightened availability. Feed millers eagerly stocked soymeal inventories amid concerns that supplies might be scarce should soy shipments drop further.
 

Market forecast
 
As soy shipments from Brazil might be delayed while a port worker was tested positive for Wuhan virus, soymeal supplies are likely to tighten further. Feed producers will continue to stock soymeal supporting prices to move higher.
 


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