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China

September 26, 2018
                          
China Soymeal Weekly: Market strengthens despite softer feed demand (week ended Sep 24, 2018)
                                                                                  
An eFeedLink Exclusive
 
 
Price summary
 
Prices moved higher.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of
Sep 17
(RMB/tonne)

Price as of
Sep 24
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,240

3,360

120

Liaoning

43%

3,220

3,400

180

Hebei

43%

3,290

3,380

90

Shandong

43%

3,210

3,310

100

Jiangsu

43%

3,300

3,350

50

Guangdong

43%

3,280

3,340

60

Prices are representative and are for reference only.
RMB1=US$0.1455 (Sep 26)

 
 
Market analysis
 
Over the week, prices of CBOT November soy futures rebounded by 1.0%.
 
Feed sales slowed due to the swine disease outbreak and the ending of pre-October holidays stockpiling. Nevertheless, soymeal prices moved higher by 1.5% as crushers stood firm while costs costs were high costs and supplies set to be inadequate.
 
 
Market forecast
 
As the tariff of US soy imports are high, Chinese buyers are buying from south American producers in a bid to cut costs. However, south America is importing cheap US soybean, and exporting local crops to China at a premium. This drives the costs of soy on the one hand, and results in scarce availability in China on the other hand, hence triggering panic buying.
 
Given such scenario, soymeal prices are poised to remain firm even as hog feed sales are impeded by the Africa swine fever outbreak.
 


 
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