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August 10, 2017
                            
China Soymeal Weekly: China soymeal limits price fall despite tumbling CBOT soy market (week ended Aug 7, 2017)
                                                                            
An eFeedLink Exclusive
 
 
Price summary
 
Prices were lower.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Jul 31
(RMB/tonne)

Price as of Aug 7
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

2,900

2,900

0

Liaoning

43%

2,940

2,910

-30

Hebei

43%

2,850

2,800

-50

Shandong

43%

2,790

2,780

-10

Jiangsu

43%

2,830

2,800

-30

Guangdong

43%

2,850

2,800

-50

Prices are representative and are for reference only.
RMB1=US$0.1501 (Aug 10)

 
 
Market analysis
 
Prices of CBOT November soy futures lunged further by 5.6% amid anticipation of a bumper harvest in the US.
 
Soymeal market weakened in China as CBOT soy futures prices tumbled. However, domestic sales improved prominently while feed millers prepared for demand recovery towards mid-August, which was the norm in recent years. Hence, soymeal price falls were limited to a mere 0.93% over the week, a great consolation considering the plummet in the global soy market.
 
As of August 4, port inventories of soymeal in China totalled 6.81 million tonnes, prominently lower by 13% compared with the same period last year.
 
 
Market forecast
 
Several crushers have halted operation in attempts to limit inventories. Soymeal market is expected to stabilise in the coming week with firm demand helping to ease inventory pressure.
 

 


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