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December 1, 2008
 
China Soymeal Weekly: Slack demand, increased supply weaken soymeal prices (week ended Nov 28, 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 21(RMB/tonne)

Price as of Nov 28 (RMB/tonne)

Price change(RMB/tonne)

Heilongjiang

43

3,000

3,000

0

Liaoning

43

3,150

3,050

-100

Hebei

43

3,200

3,120

-80

Shandong

43

3,150

3,130

-20

Jiangsu

43

3,200

3,100

-100

Guangdong

43

3,100

3,100

0

Prices are representative and are for reference only.
RMB1=US$0.1465 (Dec 1)
 
 

Market analysis

 

Soymeal prices fell amid weak demand and ample soy supplies as more shipments of imported soy arrived. Crush activity was shigher.


Meanwhile, cheaper soy imports weakened the demand for locally produced soy. Although there was news that the state granaries planned to increase procurements of local soy, no official statement has yet been made.


Currently, state granaries are procuring local soy at a price of RMB3,700/tonne while imported soy costs RMB3,000-3,330/tonne.

 
 

Market forecast

 

Amid continuing sluggish demand, soymeal prices are expected to move lower in the near term.


 

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