March 15, 2021
China Soymeal: Prices tumble further, 13% below January peak (week ended Mar 15, 2021)
Over the week, prices of CBOT May soy futures slid 1.2%.
Weal demand continued to drag down soymeal prices as hog feed producers limited production. From early January's peak of RMB4,047/tonne, soymeal prices have plummeted 13%.
Inventories of crushers expanded to 851,400 tonnes, higher by 102,800 tonnes compared with the previous week. Compared with the same period a year ago, soymeal inventories were sharply higher by 81%.
Crushers will be under pressure to clear mounting soymeal stocks. As feed producers withhold purchases, soymeal prices are likely to soften further to new lows for the year.
Full version of the report is available at: https://spoutinfo.com/market-forecast-detail/31/32/271/3033