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December 6, 2017

China Soymeal Weekly: Improved demand supports price rise (week ended Nov 27, 2017)
 
An eFeedLink Exclusive
 

Price summary

Prices moved higher.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Nov 13
(RMB/tonne)

Price as of Nov 20
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,000

3,000

0

Liaoning

43%

3,120

3,170

50

Hebei

43%

3,040

3,050

10

Shandong

43%

2,990

3,010

20

Jiangsu

43%

2,940

3,000

60

Guangdong

43%

2,990

3,070

80

Prices are representative and are for reference only.
RMB1=US$0.1514 (Nov 27)

 

Market analysis

Prices of CBOT January soy futures closed higher by 0.28% during the week in review.

Prices of soymeal increased further, albeit by a modest 1.5%. Staying prudent, feed millers were reluctant to stockpile high inventories while animal feed demand remained sluggish.

China's soymeal transaction of major crushers increased 4% during the week in review, totalling 624,700 tonnes. However, compared with the same period a year ago, prices were tremendously lower by 53%.
 

Market forecast

Production of soymeal will be limited due to stringent pollution controls in north China. Moreover, buyers are expected to restock depleting inventories, albeit cautiously. Prices of soymeal are therefore expected to rise gradually.
 

 


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