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July 17, 2018
                       
China Soymeal Weekly: Rally ends as buyers hold back buying (week ended Jul 16, 2018)
                                                                                  
An eFeedLink Exclusive
 
 
Price summary
 
Prices increased further.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Jul 9
(RMB/tonne)

Price as of Jul 16
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,130

3,030

-100

Liaoning

43%

3,200

3,110

-90

Hebei

43%

3,090

3,100

10

Shandong

43%

3,080

3,000

-80

Jiangsu

43%

3,100

3,010

-90

Guangdong

43%

3,100

3,090

-10

Prices are representative and are for reference only.
RMB1=US$0.1498 (Jul 17)

 
 
Market analysis
 
Over the week, prices of CBOT November soy futures plunged a whopping 6.7% as speculators anticipated soy demand to tumble due to the US-Sino trade war. Since May 29, prices of soy futures have plummeted 20%.
 
China's soymeal market ended its three week rally, which lifted prices by about 8%, and saw prices slide 0.48% on average. Although worries over soaring soy import prices remained, the sharp 20% fall of ABOT soy futures prices, which greatly mitigated the import cost hike, prompted buyers to hold back purchases.
 
 
Market forecast
 
Soymeal prices are unlikely to fall drastically considering the sharp rise in import costs and a lack of domestic supply. However, buyers who have stocked ample supplies will tread prudently and stand on the side lines to observe the CBOT soy market. This will help to stabilise China's soymeal market in the near term.
 


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