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August 29, 2018
 

China Soymeal Weekly: Tumbling CBOT soy market disrupts China soymeal rally (week ended Aug 27, 2018)
 

An eFeedLink Exclusive

 


Price summary


Prices were mixed.

 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of
Aug 20
(RMB/tonne)

Price as of
Aug 27
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3070

3080

10

Liaoning

43%

3100

3120

20

Hebei

43%

3280

3190

-90

Shandong

43%

3240

3200

-40

Jiangsu

43%

3240

3200

-40

Guangdong

43%

3260

3200

-60

Prices are representative and are for reference only.
RMB1=US$0.1466 (Aug 28)

 


Market analysis


Over the week, prices of CBOT November soy futures plunged 5.4%.


Participants were diverged over the outlook of the soy and soymeal markets. On the one hand, tumbling CBOT soy futures prices prompted several buyers to hold back the purchases of soymeal; on the other hand, others continued to build inventories amid fears that the increased tension between China and the US would lead to insufficient soy supply and soaring prices.


On average, soymeal prices dipped 0.47% over the week.

 


Market forecast


A weak global soy futures market, in conjunction with a recovering renminbi market, may punctuate soymeal market's upbeat momentum in the near term. However, with soy supply fundamentally inadequate without US imports, China's soymeal market is expected to stay in the rising trend in the longer term.
 
 


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