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October 31, 2011
                         
China Soymeal Weekly: EU's resolution boosts confidence, underpins China soymeal prices (week ended Oct 28, 2011)
 
An eFeedLink Exclusive
 
 
Price summary
 
Prices were stable to higher.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Oct 21
(RMB/tonne)

Price as of Oct 28
(RMB/tonne)

Price change
(RMB/tonne)

Heilongjiang

43

3,150

3,150

0

Liaoning

43

3,100

3,100

0

Hebei

43

3,020

3,120

100

Shandong

43

3,100

3,100

0

Jiangsu

43

3,030

3,120

90

Guangdong

43

3,040

3,070

30

Prices are representative and are for reference only.
RMB1=US$0.1574 (Oct 31)

 
 
Market analysis
 
Commodities market received a boost with the EU's proposal to resolve the debt crisis helping to regain the confidence of investors. Consequently, China soymeal prices strengthened as crushers were less willing to negotiate prices. However, the price increment was limited as soy supplies remained abundant while feed demand stayed weak with feed millers taking a prudent stance.
 
 
Market forecast
 
Cautious mood, abundant soy supplies and slow inventory growths after the early October holidays will weigh on soymeal market, limiting its scope to move higher.
 
 

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