January 25, 2021

China Soymeal: Market cools from strong rally (week ended Jan 25, 2021)

Over the week, prices of CBOT March soy futures plunged 7.4% after hitting levels unseen since June 2014, as speculators take profits.

Plummeting global soy prices exerted pressure on China market. Moreover, after soymeal prices rallied 30% in five weeks, buyers turned cautious. Meanwhile, soy crushing volumes increased to over 2 million tonnes, hence helping to ease the supply crunch. As a result, soymeal prices consolidate lower over the week.

Weekly soymeal prices dropped 0.79% on average.

Full version of the report is available at:  https://spoutinfo.com/market-forecast-detail/31/32/271/2842

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