March 22, 2021                         
China Soymeal: Sharp price falls amid weak demand, excess supply (week ended Mar 22, 2021)

Over the week, prices of CBOT May soy futures inched up 0.21%.
Soymeal market weakened further with the demand for hog feed slackened and supplies abundant. Hog feed producers were extremely cautious as the resurgence of African Swine Fever resulted in substantial mortality losses. Meanwhile, in the southern region of China, several crushers halted production amid mounting inventory pressure.
Meanwhile, the Animal Husbandry and Veterinary Bureau has issued a notice requesting the livestock and feed industry to reduce the inclusion rates of corn and soymeal in feed formulations, in a bid to strike a balance in grains supplies and demands.
Weekly soymeal prices plunged RMB166/tonne or 4.7%。
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