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October 10, 2011                

 

China Soymeal Weekly: Coastal-region prices drop below RMB3,000/tonne (week ended Oct 7, 2011)

 

An eFeedLink Exclusive 

 

Price summary

 

Prices were mostly lower.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Sep 30
(RMB/tonne)

Price as of Oct 7
(RMB/tonne)

Price change
(RMB/tonne)

Heilongjiang

43

3,100

3,100

0

Liaoning

43

3,100

3,100

0

Hebei

43

3,040

2,970

-70

Shandong

43

3,100

2,980

-120

Jiangsu

43

3,050

3,000

-50

Guangdong

43

3,050

2,950

-100

Prices are representative and are for reference only.
RMB1=US$0.1566 (Oct 10)

 

 

Market analysis

 

CBOT soy futures slumped to the lowest since November last year on corn weakness and new harvest pressure, dragging China's coastal-region soymeal prices beneath the RMB3,000/tonne mark. Northern prices took hold amid firm local soy costs. 
 

 

Market forecast

 

In the coming week, soymeal market sees scope for further downside on the back of lower soy import costs and crushers' move to sell long-term forward soymeal contracts. 

 

 

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