February 6, 2024
China Soymeal: Prices plunge17% entering 2024 (week ended Feb 5, 2024)
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Over the week, the closing price of CBOT March soy futures slid 1.7%. Since mid-November 2023, soy prices have tumbled 17%.
Prices of soymeal, which have been falling entering 2024, continued to tumble over the week. With the livestock prices staying weak despite pre-festive stimulation, feed producers were reluctant to stock high soymeal inventories, particularly as global soy market stayed weak.
Compared with December 2023's closing prices, soymeal prices have plummeted 13.5%.
Soymeal prices averaged RMB3,400/tonne, sliding RMB94/tonne or 2.7% compared with the previous week. Year-on-year, soymeal prices were lower by 27%.
Tumbling global soy prices, in conjunction with a weak livestock market and fears of China's economic downturn, will exert pressure on the soymeal market.

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