January 18, 2021
China Soymeal: Prices surge 13%, on the way to 2013 highs (week ended Jan 18, 2021)
Over the week, prices of CBOT March soy futures surged 4.1·%.
With global soy futures in a strong rally while import costs soar amid climbing freight charges, Chinese buyers were alarmed by the surge in soymeal costs. With local soy supplies limited and deliveries likely to be disrupted due to lockdowns in several regions of the country, buyers, who were stockpiling inventories in preparation for the February's Chinese New Year holidays, increased purchases. Soymeal prices catapulted to levels unseen since May 2014。
Weekly soymeal prices increased a whopping 13.3% on average. Surging relentlessly for the fifth week in a row, corn prices have jumped tremendously by 30%.
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