May 4, 2021

China Soymeal: Market strengthens despite cautious demand (week ended May 3, 2021)


Over the week, prices of CBOT July soy futures strengthened 1.2%.


Feed producers stayed prudent as the outlook of hg market remained uncertain. Moreover, the government is likely to lower the protein content standards of animal feed, hence translating to decreased usages of soymeal. However, prices of soymeal were firm amid tight availability.


Weekly soymeal prices increased RMB54/tonne or 1.5% to RMB3,553/tonne on average.


Prices of soymeal are projected to consolidate around current levels as buyers stay cautious. With import costs high, sharp falls in prices are less likely in the near term.


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