March 8, 2021
China Soymeal: Sharp price falls amid tepid demand, ample availability (week ended Mar 8, 2021)
Over the week, prices of CBOT May soy futures strengthened 1.8%.
As hog prices plummeted and population shrank, feed producers held back soymeal purchase while limiting feed production. Soymeal prices fell sharply with supplies ample and demand slack.
Weekly soymeal prices plunged 4.1%.
Sales of soymeal will be slow as buyers move prudently. However, with the costs of imported soy soaring, sellers will be reluctant to cut prices by a lot.
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