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China

December 27, 2018
 
China Soymeal Weekly: Price fall slows (week ended Dec 24, 2018)
 
An eFeedLink Exclusive
 

Price summary

Prices dropped marginally.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of
Dec 17
(RMB/tonne)

Price as of
Dec 24
(RMB/tonne)

Price change
(Percentage)

Heilongjiang

43%

3090

3080

-10

Liaoning

43%

3010

3030

20

Hebei

43%

3040

3000

-40

Shandong

43%

3050

3040

-10

Jiangsu

43%

2990

2980

-10

Guangdong

43%

3040

3010

-30

Prices are representative and are for reference only.
RMB1=US$0.1449 (Dec 24)

 

Market analysis

Over the week, prices of CBOT March soy futures closed lower by 1.8% amid concerns that China's purchases might not be as robust as initially expected.

China feed producers were in no hurry to stockpile soymeal as the country resumed the importation of US soy. Moreover, usages of soymeal were slow due to slack feed demand and lower protein requirements.

However, price falls of soymeal slowed as crushers halt operation or cut output to minimize losses. On average, soymeal prices dipped 1.4% over the week in review.
 

Market forecast

With soymeal production decreased, price falls will be limited. Nonetheless, slow demand, in conjunction with high supply of soy, will continue to exert pressure on the market.
 

 


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