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August 22, 2017
 
China Soymeal Weekly: Supply rise exerts pressure on market (week ended Aug 21, 2017)
                                                                            
An eFeedLink Exclusive
 
 
Price summary
 
Prices were lower.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Aug 14
(RMB/tonne)

Price as of Aug 21
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

2,900

2,900

0

Liaoning

43%

2,960

2,930

-30

Hebei

43%

2,920

2,830

-90

Shandong

43%

2,890

2,840

-50

Jiangsu

43%

2,850

2,800

-50

Guangdong

43%

2,820

2,800

-20

Prices are representative and are for reference only.
RMB1=US$0.1502 (Aug 22)

 

Market analysis
 
Prices of CBOT November soy futures fell by 0.78% during the period in review.
 
Daily soymeal transaction volume increased to 240,000 tonnes. However, as crushers were eager to clear bloating soy inventories, which surged to 8.14 million tonnes, soymeal availability expanded amid higher operation rates. Prices were under pressure in most regions as a result of excess supply.
 
 
Market forecast
 
Soymeal availability is set to remain abundant as crushers compete to clear soy stocks in the coming period. A weak global soy market, coupled with a strong renminbi, will allow crushers to cut prices while maintaining profits.
 

 


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