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October 24, 2011                         
 
China Soymeal Weekly: Weak CBOT, ample supply subdue prices (week ended Oct 21, 2011)
 
An eFeedLink Exclusive

 
Price summary
 
Prices were stable to lower.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Oct 14
(RMB/tonne)

Price as of Oct 21
(RMB/tonne)

Price change
(RMB/tonne)

Heilongjiang

43

3,150

3,150

0

Liaoning

43

3,080

3,100

20

Hebei

43

3,070

3,020

-50

Shandong

43

3,100

3,100

0

Jiangsu

43

3,050

3,030

-20

Guangdong

43

3,050

3,040

-10

Prices are representative and are for reference only.
RMB1=US$0.1569 (Oct 24)

 
 
Market analysis
 
China's soymeal market lacked momentum as CBOT soy futures remained weak despite a slight rise towards the end of the week. With soy port inventories plentiful at 6 million tonnes and soymeal supplies poised to increase should the government stock 4 million tonnes of soy oil as rumoured, crushers found little support to lift prices.
 
Currently, most crushers are operating to fulfil pre-National Day orders as demand is slow.
 
 
Market forecast
 
Market participants will continue to be cautious due to the unstable global economic situation. However, soymeal prices are likely move higher should CBOT soy futures move higher.
 

 


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