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
All rights reserved. No part of the report may be reproduced without permission from eFeedLink.