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MARKET

November 8, 2018

China Soymeal Weekly: Subdued demand drags down China soymeal prices despite surging soy futures (week ended Nov 5, 2018)
 
An eFeedLink Exclusive
 
 
Price summary
 
Prices continued to slide.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of
Oct 29
(RMB/tonne)

Price as of
Nov 5
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,560

3,450

-110

Liaoning

43%

3,570

3,420

-150

Hebei

43%

3,540

3,400

-140

Shandong

43%

3,520

3,480

-40

Jiangsu

43%

3,570

3,370

-200

Guangdong

43%

3,610

3,420

-190

Prices are representative and are for reference only.
RMB1=US$0.1445 (Nov 8)

 
 
Market analysis
 
Over the week, prices of CBOT January soy futures closed a whopping 3.5% higher.
 
Despite stronger CBOT soy futures prices, China's soymeal market weakened over the past week. Feed millers held back purchases as China government lowered the protein requirements in feeds, while market participants saw hope in the trade war between the US and China as the presidents of the two countries arranged to meet.
 
On average, soymeal prices plummeted 2.3% during the period in review.
 
 
Market forecast
 
The outbreak of African swine fever, estimated to have resulted in the culling of about 200,000 pigs, remains severe in China. This together with low hog population and the reduction of protein requirements in animal feeds, will slow the demand for soymeal.
 

 


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