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November 24, 2008
 
China Soymeal Weekly: Cheaper soy imports put pressure on local soy prices (week ended Nov 21, 2008)

 

An eFeedLink Exclusive
 
 

Price summary

 

Prices were lower in most regions.

 

Weekly transacted prices of soymeal in China

Region

Protein content
 (%)

Price as of Nov 14 (RMB/tonne)

Price as of Nov 21(RMB/tonne)

Price change(RMB/tonne)

Heilongjiang

43

3,130

3,000

-130

Liaoning

43

3,270

3,150

-120

Hebei

43

3,280

3,200

-80

Shandong

43

3,250

3,150

-100

Jiangsu

43

3,250

3,200

-50

Guangdong

43

3,200

3,100

-100

Prices are representative and are for reference only.
RMB1=US$0.1464 (Nov 24)
 
 
Market analysis

 

Feed millers held back soymeal procurements in anticipation of lower prices in the coming weeks. Consequently, prices fell RMB50-130/tonne amid weak buying interest.


Meanwhile, the state granaries planned to procure 1 million tonnes of soy at RMB1.85/jin or higher depending on the soy quality.

 
 

Market forecast

 

Soymeal prices are seen to weaken in the near term as imported soy is substantially cheaper than locally produced ones.


 

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