April 12, 2021
China Soymeal: Supply rise, demand fall hold prices flat (week ended Apr 12, 2021)
Over the week, prices of CBOT May soy futures rose nominally by 0.07%.
Soymeal prices consolidated higher as buyers increased stockpiles prudently while prices were low. However, with 10 million tonnes of Brazilian soy projected to arrive in May, price rise was marginal.
Meanwhile, total inventory of soymeal in major coastal warehouses increased 31,300 tonnes to 774,400 tonnes as of April 2. This was a whopping 194% compared with the same period last year.
Weekly soymeal prices edged higher by RMB16/tonne or 0.51% to RMB3,370/tonne on average.
Full version of the report is available at: https://spoutinfo.com/market-forecast-detail/31/32/271/3141
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