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May 8, 2017
 
China Soymeal Weekly: Stronger CBOT soy futures lend support to China soymeal market (week ended May 8, 2017)
                                                                            
An eFeedLink Exclusive
 
 
Price summary
 
Prices moved higher.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Apr 24
(RMB/tonne)

Price as of May 2
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,300

3,300

0

Liaoning

43%

3,150

3,200

50

Hebei

43%

2,990

3,000

10

Shandong

43%

2,920

2,950

30

Jiangsu

43%

2,920

2,960

40

Guangdong

43%

2,950

2,970

20

Prices are representative and are for reference only.
 RMB1=US$0.1448 (May 8)

 
 
Market analysis
 
Prices of CBOT July soy futures surged 1.8%, recording the highest weekly gain since February, as heavy rains in the US soy planting region sparked concerns.
 
As global soy futures market strengthened, prices of soymeal in China rose in tandem while crushers lifted price quotes. However, trade slowed as prudent feed millers were reluctant to make purchases amid higher costs.
 
On average, soymeal prices increased 0.82%, reaching levels unseen since late March.
 

Market forecast
 
Pork demand will expand due to the making of dumplings during the Dragon Boat Festival. Feed consumption will increase as farmers fatten hogs before releases, hence lending support to the sales of feed and subsequently soymeal. Prices of soymeal are expected to stay stable unless USDA's May 10 update report paints a gloomy picture for the soy market.
 

 


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