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Livestock & Feed Market

August 28, 2018
                          
China Soymeal Weekly: Buyers limit buying, exert pressure on market (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 27
(RMB/tonne)

Price as of Sep 3
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,080

3,170

90

Liaoning

43%

3,120

3,200

80

Hebei

43%

3,190

3,240

50

Shandong

43%

3,200

3,180

-20

Jiangsu

43%

3,200

3,200

0

Guangdong

43%

3,200

3,240

40

Prices are representative and are for reference only.
RMB1=US$0.1466 (Sep 5)

 
 
Market analysis
 
Over the week, prices of CBOT November soy futures slid 1.4%.
 
Demand for soymeal softened in China as hog feed producers held back purchases amid concerns of climbing disease rates of African swine fever. Although prices strengthened in some regions where supplies were tight, average soymeal price inched down 0.22% over the week.
 
 
Market forecast
 
CBOT soy futures prices will be under pressure due to record high forecasts of US soy harvest this year. This, in conjunction with prudent hog feed production in China, will limit the upward scope of soymeal market in the near term.
 
Nonetheless, with soy supplies fundamentally inadequate in China due to the trade war, soymeal prices are less likely to fall drastically.
 

 


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