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August 30, 2016                             
 
China Soymeal Weekly: Crushers cut prices amid piling inventories (week ended Aug 29, 2016)
                                                                            
An eFeedLink Exclusive
 
 
Price summary
 
Prices moved lower.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Aug 22
(RMB/tonne)

Price as of Aug 29
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,800

3,750

-50

Liaoning

43%

3,220

3,160

-60

Hebei

43%

3,220

3,100

-120

Shandong

43%

3,120

3,100

-20

Jiangsu

43%

3,200

3,200

0

Guangdong

43%

3,240

3,180

-60

Prices are representative and are for reference only.
RMB1=US$0.1498 (Aug 30)

 
 
Market analysis
 
November CBOT soy futures prices dropped to three-week lows as a field study by Pro Farmer showed higher yields of soy fields at 49.3 bushel/acre, compared with USDA's 48.9 bushel/acre in its August update.
 
Despite higher feed production in preparation for September's pre-festive markets, demand for soymeal softened as soy futures fell prominently. Crushers cut prices amid mounting inventory pressure due to high operation rates and excess soy supplies.
 
On average, soymeal prices dipped 1.6% over the past week.
 
As of last week, soymeal transaction totalled 2.59 million tonnes for the month, surging by a whopping 68% or 1.54 million tonnes compared with the same period in July, and 76% higher compared with the same period in 2015.
 
 
Market forecast
 
Soymeal demand is expected to remain robust as farmers fatten animals before releases in September. Unless CBOT soy futures market weaken significantly, prices of soymeal are seen higher in the coming weeks.
 
 


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