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MARKET

July 17, 2017
 
China Soymeal Weekly: Market stays firm despite falling global soy prices (week ended Jul 16, 2017)
                                                                            
An eFeedLink Exclusive
 
 
Price summary
 
Prices were stable to higher.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Jul 10
(RMB/tonne)

Price as of Jul 16
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

2,820

2,900

80

Liaoning

43%

2,930

2,930

0

Hebei

43%

2,870

2,820

-50

Shandong

43%

2,840

2,850

10

Jiangsu

43%

2,800

2,900

100

Guangdong

43%

2,820

2,800

-20

Prices are representative and are for reference only.
RMB1=US$0.1478 (Jul 17)

 
Market analysis
 
Prices of CBOT November soy futures surged before closing lower as rains eased drought concerns in the US planting regions. Closing prices were lower by 1.4% compared with the precious week.
 
In China, prices of soymeal were mostly firm although markets softened in some regions. Crushers stood firm, but ample availability of supplies and cautious mood of buyers put a lid on the prices.
 
On average, soymeal prices inched up 0.70%.
 
Port inventories of soy remained stable over the week. Imports are projected at 9.1-9.2 million tonnes in July.
 
 
Market forecast
 
In the major soymeal production regions, soymeal inventories are 41% above last year's levels during early July. With supplies plentiful and global soy market set to soften further, soymeal prices will be under pressure in China.
 

 


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