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November 10, 2008
 
China Soymeal Weekly: Prices mixed; price gap between north and south narrows (week ended Nov 7, 2008)

 

An eFeedLink Exclusive
 
 

Price summary

 

Prices were mixed over the week.

 

Weekly transacted prices of soymeal in China

Region

Protein content
(%)

Price as of Oct 31(RMB/tonne)

Price as of Nov 7 (RMB/tonne)

Price change(RMB/tonne)

Heilongjiang

43

3,320

3,200

-120

Liaoning

43

3,420

3,330

-90

Hebei

43

3,410

3,300

-110

Shandong

43

3,350

3,280

-70

Jiangsu

43

3,300

3,350

50

Guangdong

43

3,180

3,250

70

Prices are representative and are for reference only.
RMB1=US$0.1465 (Nov10)
 
 

Market analysis

 

Soymeal price falls happened mainly in the northern parts of China. Soymeal supplies were ample after crushers resumed production as soy imports gradually arrived.

 

In the southern and eastern regions where soy supplies were still tight, soymeal prices trended upward instead.

 

The difference in soymeal prices between the north and south were thus narrowed by the counter movement in prices.

 

Meanwhile, CBOT soy futures fell substantially after the U.S. presidential election on November 4.

 
 

Market forecast

 

Near-term soymeal prices are expected to fall further in the north but to remain around current levels in the south.


 

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