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December 29, 2008
 
China Soymeal Weekly: Soymeal prices up as CBOT strengthens (week ended Dec 26, 2008)

 

An eFeedLink Exclusive
 
 

Price summary

 

Prices were higher in most regions.

 

Weekly transacted prices of soymeal in China

Region

Protein content
(%)

Price as of Dec 19 (RMB/tonne)

Price as of Dec 26 (RMB/tonne)

Price change(RMB/tonne)

Heilongjiang

43

2,950

2,950

0

Liaoning

43

3,030

3,060

30

Hebei

43

3,020

3,120

100

Shandong

43

2,980

3,070

90

Jiangsu

43

3,000

2,950

10

Guangdong

43

3,000

3,030

30

Prices are representative and are for reference only.
RMB1=US$0.1462 (Dec 29)
 
 

Market analysis

 

China soymeal prices rose RMB10-100/tonne on CBOT soy strength, settling at RMB2,950-3,050/tonne.

 

Meanwhile, some imported genetically modified soy might have been taken up by crushers or food manufacturers after being rejected by the state granary.

 

China customs authorities have stepped up safety inspection after the discovery of 57,000 tonnes of contaminated US soy imports in Zhejiang province.

 
 

Market forecast

 

In the near term, China soymeal prices are seen to stay around RMB3,000/tonne.


 

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