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October 31, 2016

China Soymeal Weekly: Strong soy futures market support, soymeal prices (week ended Oct 30, 2016)
                                                                            
An eFeedLink Exclusive
 
 
Price summary
 
Prices continued to rise.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Oct 23
(RMB/tonne)

Price as of Oct 30
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,380

3,380

0

Liaoning

43%

3,270

3,340

70

Hebei

43%

3,250

3,340

90

Shandong

43%

3,200

3,300

100

Jiangsu

43%

3,240

3,300

60

Guangdong

43%

3,260

3,370

110

Prices are representative and are for reference only.
RMB1=US$0.1477 (Oct 31)

 
 
Market analysis
 
January CBOT soy futures rose by almost 2% as a soft US dollar helped to lift the prices of commodities globally.
 
This supported the soymeal futures prices of Dalian Commodities Exchange to move higher over the week. With the crushing rates lower, and the future prices of soymeal poised to move higher, spot prices surged despite transaction volumes falling below last week's level.
 
 
Market forecast
 
Global soy futures prices should remain firm while the US dollar stays weak. This, in conjunction with increased import costs due to a depreciating renminbi, will underpin soymeal prices in China despite lacklustre feed demand.
 

 


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