January 11, 2021
China Soymeal: Prices rally on supply concerns, demand rise (week ended Jan 11, 2021)
Over the week, prices of CBOT March soy futures jumped another 4.9%.
Concerns over soy supplies from south America and soaring import costs catapulted soymeal prices rise tremendously over the week. Meanwhile, expanding hog feed consumption prior to the Chinese New Year boosted the sales of soymeal. Feed producers eagerly stocked inventories in view of tightening availability.
Weekly soymeal prices surged 5.8% on average.
With supplies set to remain tight and the costs of imported soy soaring, soymeal prices are expected to stay strong. More buyers will stock inventories to secure supplies, hence pushing soymeal prices higher.
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