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September 6, 2016
 
China Soymeal Weekly: Prices show signs of stabilising on stronger demand (week ended Sep 5, 2016)
                                                                            
An eFeedLink Exclusive
 
 
Price summary
 
Prices were stable to lower.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Aug 29
(RMB/tonne)

Price as of Sep 4
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,750

3,700

-50

Liaoning

43%

3,160

3,130

-30

Hebei

43%

3,100

3,100

0

Shandong

43%

3,100

3,100

0

Jiangsu

43%

3,200

3,200

0

Guangdong

43%

3,180

3,150

-30

Prices are representative and are for reference only.
RMB1=US$0.1497 (Sep 6)

 
 
Market analysis
 
November CBOT soy futures prices closed lower amid projections of record high yield for the year.
 
Soy futures prices in Dalian Commodities Exchange slid in tandem. Nonetheless, spot prices of soymeal remained relatively stable, falling modestly only in some regions, as feed millers increased procurements in preparation for the pre-festive surge in feed demand while farmers fatten animals.
 
Weekly soymeal transaction volume surged to 1.07 million tonnes, prominently higher by over 80% compared with 590,000 tonnes traded in the previous week.
 
Meanwhile, crushers lowered operation rates of late to 49% in efforts to ease piling inventory pressure.
 
 
Market forecast
 
August soy imports are projected to be lower than in July, hence diminishing the availability of soymeal in conjunction with lower crushing rates. With feed consumption expected to expand, firm demand for soymeal should help to underpin prices.
 


 
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