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June 19, 2018
                            
China Soymeal Weekly: Market weakens even as crushers halt price releases (week ended Jun 18, 2018)
                                                                                  
An eFeedLink Exclusive
 
 
Price summary
 
Prices dropped further.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Jun 11
(RMB/tonne)

Price as of Jun 18
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

2,920

2,840

-80

Liaoning

43%

2,980

2,920

-60

Hebei

43%

2,900

2,880

-20

Shandong

43%

2,820

2,810

-10

Jiangsu

43%

2,890

2,870

-20

Guangdong

43%

2,850

2,860

10

Prices are representative and are for reference only.
RMB1=US$0.1553 (Jun 19)

 
 
Market analysis
 
Over the week, prices of CBOT July soy futures plunged another 6.6% as the trade war between the US and China intensified.
 
Soymeal prices continued to fall in China although several crushers withheld price releases amid concerns of the trade war. Prices slid further as feed producers were not keen to stockpile inventories while feed sales were slow. Nonetheless, price falls were milder at 2.9% compared with CBOT soy futures market's plummet.
 
 
Market forecast
 
Chinese crushers will be cautious in cutting prices as import costs of soy from the US will surge should the trade war worsen. However, as feed millers withhold purchases while soy availability remains sufficient in the near term, the upward scope of soymeal market will be limited.
 

 


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