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China

December 19, 2018
                         
China Soymeal Weekly: Imminent supply expansion drags down prices (week ended Dec 10, 2018)
                                                                                  
An eFeedLink Exclusive
 
 
Price summary
 
Prices weakened further.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of
Dec 10
(RMB/tonne)

Price as of
Dec 17
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3,130

3,090

-40

Liaoning

43%

3,150

3,010

-140

Hebei

43%

3,100

3,040

-60

Shandong

43%

3,050

3,050

0

Jiangsu

43%

3,070

2,990

-80

Guangdong

43%

3,090

3,040

-50

Prices are representative and are for reference only.
RMB1=US$0.1450 (Dec 19)

 
 
Market analysis
 
Over the week, prices of CBOT March soy futures closed lower by 1.7%.
 
As news of China importing 1.13 million tonnes of soy from the US spread, the demand for soymeal weakened further. With usages slow due to decreased protein requirements in feed production, and the hog sector plagued by the African swine fever, the imminent increase in supplies prompted feed millers to hold back purchases.
 
On average, prices of soymeal plummeted another 3.1%.
 
 
Market forecast
 
Several crushers have halted production in a bid to minimize losses amid tumbling soymeal prices. Tightened availability will lend some support to the market helping to limit the price falls.
 


 
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