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MARKET

May 16, 2017
 
China Soymeal Weekly: Market fails to sustain previous gains (week ended May 15, 2017)
                                                                            
An eFeedLink Exclusive

 
Price summary
 
Prices softened of late.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of May 8
(RMB/tonne)

Price as of May 15
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,300

3,300

0

Liaoning

43%

3,200

3,080

-120

Hebei

43%

3,000

2,940

-60

Shandong

43%

2,950

2,840

-110

Jiangsu

43%

2,960

2,930

-30

Guangdong

43%

2,970

2,910

-60

Prices are representative and are for reference only.
RMB1=US$0.1451 (May 16)


Market analysis
 
Prices of CBOT July soy futures moved higher before paring all gains as the week closed. Compared with the previous week, soy futures prices were 1% lower.
 
Sliding global soy futures market exerted pressure on China's soymeal market. Traders slashed prices in a bid to clear stocks, dragging price quotes of crushers lower. On average, spot soymeal price dipped 2% over the week.
 
As prices fell substantially, weekly transaction volume surged 42% to 770,500 tonnes. 
 
 
Market forecast
 
As hog feed producers tread prudently, overall demand for soymeal will remain slow. Soymeal prices are expected to consolidate around current levels following the previous week's substantial fall.
 

 


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