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November 16, 2016
                         
China Soymeal Weekly: Surging soy import costs lift soymeal prices (week ended Nov 13, 2016)
                                                                            
An eFeedLink Exclusive
 
 
Price summary
 
Prices moved higher.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Nov 6
(RMB/tonne)

Price as of Nov 13
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,380

3,380

0

Liaoning

43%

3,230

3,340

110

Hebei

43%

3,240

3,320

80

Shandong

43%

3,250

3,250

0

Jiangsu

43%

3,160

3,300

140

Guangdong

43%

3,150

3,280

130

Prices are representative and are for reference only.
RMB1=US$0.1458 (Nov 16)

 
 
Market analysis
 
January CBOT soy futures prices closed lower after a volatile week, as US dollar strengthened after the election.
 
In China, prices of soymeal futures increased in tandem. Meanwhile, spot prices of soymeal surged as well despite higher crushing rates, which drove up production by 3% to 1.76 million tonnes, and transaction volume doubling to 1.55 million tonnes.
 
 
Market forecast
 
Prices of imported soy will increase as renminbi is likely to weaken further. Hence, even as November soy imports are set to rise prominently to 7.73 million tonnes, from October's 6.45 million tonnes, soymeal prices are expected to stay firm.
 


 
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