February 01, 2021

China Soymeal: High crushing rates, increased soy harvest projection weaken market (week ended Feb 1, 2021)
Over the week, prices of CBOT March soy futures rebounded 4.5% from the previous week's 7% plunge.
China's soy market softened as the government lifted the country's 2020 soy production projection from 18.82 million tonnes to 19.60 million tonnes. Meanwhile, crushers expanded output prior to the Chinese New Year holidays, maintaining crushing volumes over the past two weeks at 2.01-2.10 million tonnes. As a result, soymeal prices dipped substantially despite surging CBOT soy futures prices.
The rise in soy production projection will calm the nerves of market participants in the near term. In the longer term, the import costs and actual availability of soy will determine the trends of soymeal prices.
Full version of the report is available at:  https://spoutinfo.com/market-forecast-detail/31/32/271/2875

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