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August 8, 2018                          
 
China Soymeal Weekly: Soymeal prices climb further under high soy import costs (week ended Aug 6, 2018)
                                                                                  
An eFeedLink Exclusive
 
 
Price summary
 
Prices moved higher.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Jul 30
(RMB/tonne)

Price as of Aug 6
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,000

3,020

20

Liaoning

43%

2,980

3,000

20

Hebei

43%

3,180

3,210

30

Shandong

43%

2,990

3,080

90

Jiangsu

43%

3,040

3,080

40

Guangdong

43%

3,110

3,130

20

Prices are representative and are for reference only.
RMB1=US$0.1466 (Aug 8)

 
 
Market analysis
 
Over the week, prices of CBOT November soy futures rose another 1.9%.
 
As import costs of soy continued to rise, crushers lifted the prices of soymeal to sustain profit margins. On average, soymeal prices were higher by 1%. Nonetheless, sales of soymeal remained slack while hog feed demand stayed flat amid limited animal inventories.
 
 
Market forecast
 
Oil World, Hamburg-based oilseeds analysts, reported that China may have to resume US soy imports soon as supplies from South America dwindle. Moreover, Europe has promised to import more US soy, which will lend substantial support to CBOT soy futures prices. Consequently, the import costs of soy are expected to be high, compelling crushers to hold up the prices of soymeal.
 

 


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