May 12, 2020
China Soymeal Weekly: Traders clear stocks amid soft demand (week ended May 11, 2020)
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Prices moved lower.
Despite stronger CBOT soy prices, soymeal market weakened in China. Trade was light as feed producers limited buying in anticipation of weak prices. Meanwhile, several traders negotiated prices to clear stocks in preparation for the upcoming harvests of rapeseed and wheat
Soy availability will be ample as imports from Brazil are expected to reach or even exceed 2 million tonnes. With supplies set to remain high while feed producers limit purchases, soymeal market will stay soft in the near term.
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