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March 28, 2017                          
 
China Soymeal Weekly: Lukewarm demand holds prices soft (week ended Mar 27, 2017)
                                                                            
An eFeedLink Exclusive
 
 
Price summary
 
Prices moved lower.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Mar 20
(RMB/tonne)

Price as of Mar 27
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3380

3,300

-80

Liaoning

43%

3,150

3,170

20

Hebei

43%

3,080

3,080

0

Shandong

43%

3,000

3,000

0

Jiangsu

43%

3,080

3,050

-30

Guangdong

43%

3,010

3,000

-10

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

 
 
Market analysis
 
Prices of CBOT May soy futures were stable during early parts of previous week, but plunged before the week ended as the soy production of the US and south America are expected to be high. Over the week, soy futures prices tumbled prominently by 2.8%.
 
With the global soy market weak and domestic feed demand slow, crushers were under pressure as inventories piled up. Prices softened in most regions while crushers attempt to clear stocks. On average, soymeal prices dipped 0.53%.
 
 
Market forecast
 
China's soymeal market is unlikely to strengthen with availability ample and feed production limited. Moreover, hog prices are expected to weaken further due to poor pork demand, hence curtailing the sales of hog feed and subsequently soymeal.
 


 
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