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December 8, 2008
 
China Soymeal Weekly: Prices fall despite state granary procurements (week ended Dec 5, 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 28 (RMB/tonne)

Price as of Dec 5 (RMB/tonne)

Price change(RMB/tonne)

Heilongjiang

43

3,000

2,950

-50

Liaoning

43

3,050

2,970

-80

Hebei

43

3,120

2,960

-160

Shandong

43

3,130

3,000

-130

Jiangsu

43

3,100

3,000

-100

Guangdong

43

3,100

2,980

-120

Prices are representative and are for reference only.
RMB1=US$0.1454 (Dec 8)
 
 

Market analysis

 

Soymeal prices in China fell amid sluggish feed demand and declining soy prices. Even the state granary's soy procurement activities had failed to deter the price slide.


Meanwhile, crushers were facing less inventory pressure after having cut production over the past two months.

 

 
 

Market forecast

 

With CBOT soy prices weakening while China's feed demand remain sluggish, soymeal prices are expected to fall to RMB2,800-2,900/tonnes in the near term.


 

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