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August 23, 2016

China Soymeal Weekly: Prices climb steadily; buyers remain prudent (week ended Aug 22, 2016)
                                                                            
An eFeedLink Exclusive
 
 
Price summary
 
Prices rose further.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Aug15
(RMB/tonne)

Price as of Aug 22
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,800

3,800

0

Liaoning

43%

3,190

3,220

30

Hebei

43%

3,140

3,220

80

Shandong

43%

3,090

3,120

30

Jiangsu

43%

3,150

3,200

50

Guangdong

43%

3,150

3,240

90

Prices are representative and are for reference only.
RMB1=US$0.1503 (Aug 23)

 
 
Market analysis
 
September CBOT soy futures prices strengthened over the week amid firm demand.
 
In China, soymeal futures prices dropped 0.85% in Dalian Commodities Exchange amid cautious mood. Despite higher supply of soymeal, which increased 3.6% to 1.68 million tonnes, crushers stood firm on prices in anticipation of stronger demand ahead due to expanding feed consumption.
 
Soymeal prices rose at a steady pace of 1.4% over the week, contributing to the 3% gain over the past two weeks.
 
 
Market forecast
 
With the Mid-Autumn Festival approaching, followed by the long October holidays two weeks later, the sales for livestock products are set to expand steadily. Feed consumption will increase, hence lending support to the sales of soymeal.
 
However, feed producers are more prudent than usual as China's economy continues to remain weak. While they are reluctant to accumulate high inventories, the upward potential of the soymeal market will be limited.
 


 
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