Apr 6, 2022
China Soymeal: Prices tumble amid government auction (week ended Apr 4, 2022)
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Over the week, the closing price of CBOT May soy futures plummeted 7.5% AS USDA’s latest report projected a record soy planting acreage of 90.96 million acres in the US.
As soymeal prices broke new records, buyers cautiously withheld purchases. Meanwhile, China government released 500,000 tonnes of reserves soy for auction. Prices of soymeal plunged prominently as a result of increased supplies, tumbling global soy futures prices and sluggish demand.
Soymeal prices averaged RMB4,729/tonne, plunging RMB440/tonne or 8.5% compared with the previous week.
Soymeal market is set to remain soft in the near term amid prudent demand and higher availability.
Full version of the report is available at: https://spoutinfo.com/market-forecast-detail/31/32/271/4026
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