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August 1, 2017
                          
China Soymeal Weekly: Ample supply, weak sales weigh down prices (week ended Jul 31, 2017)
                                                                            
An eFeedLink Exclusive
 
 
Price summary
 
Prices softened lately.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Jul 24
(RMB/tonne)

Price as of Jul 31
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

2,900

2,900

0

Liaoning

43%

2,970

2,940

-30

Hebei

43%

2,880

2,850

-30

Shandong

43%

2,850

2,790

-60

Jiangsu

43%

2,850

2,830

-20

Guangdong

43%

2,870

2,850

-20

Prices are representative and are for reference only.
RMB1=US$0.1488 (Aug 1)

 
 
Market analysis
 
Prices of CBOT November soy futures consolidated lower by 0.88% following previous week's upsurge.
 
Buyers in China stood on the side lines as global soy futures markets remained weak. Moreover,  domestic feed demand fell below expectations while the livestock sector performed weakly. Although weekly soymeal transaction rose 15% from a week ago, it was a whopping 35% below the same period in 2016.
 
Meanwhile, inventories of crushers expanded more than 4% over the week, rising to 1.32 million tonnes, a tremendous 54% higher compared with a year ago.
 
 
Market forecast
 
Cautious mood of feed millers will continue to weigh on soymeal prices in China as the livestock market remains sluggish. Unless global soy futures prices rise sharply amid supply concerns, soymeal prices are set to stay soft in the coming period.
 

 


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