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September 13, 2016                        
 
China Soymeal Weekly: Strong rebound in prices amid a confluence of factors (week ended Sep 11, 2016)
                                                                            
An eFeedLink Exclusive
 
 
Price summary
 
Prices moved higher.
 

Region

Protein content (%)

Price as of Sep 4
(RMB/tonne)

Price as of Aug 11
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,700

3,700

0

Liaoning

43%

3,130

3,230

100

Hebei

43%

3,100

3,220

120

Shandong

43%

3,100

3,230

130

Jiangsu

43%

3,200

3,250

50

Guangdong

43%

3,150

3,260

110

Prices are representative and are for reference only.
RMB1=US$0.1497 (Sep 13)

 

Market analysis
 
On the back of strong export demand, November CBOT soy futures prices surged about 2.5%.
 
In China, feed demand improved as farmers fattened animals before releases, prompting feed millers to increase purchases of soymeal amid higher output. With supplies tighter due to lower crushing rates, soymeal prices rebounded by a prominent 2.6%, recovering the losses over the past two weeks.
 
 
Market forecast
 
CBOT soy futures are expected to remain firm, lending support to China's soy and soymeal markets. With feed millers stockpiling inventories in preparation for the long break during early October, prices of soymeal are expected to move higher even as crushers step up production.
 

 


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