June 5, 2018
China Soymeal Weekly: Market stays firm despite light trade (week ended Jun 4, 2018)
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Price summary
Prices were mixed.
|
Weekly transacted prices of soymeal in China | ||||
|
Region |
Protein content (%) |
Price as of May 28 (RMB/tonne) |
Price as of Jun 4 (RMB/tonne) |
Price change (Percentage) |
|
Heilongjiang |
43% |
3030 |
2980 |
0 |
|
Liaoning |
43% |
3120 |
3070 |
-50 |
|
Hebei |
43% |
3000 |
2980 |
-20 |
|
Shandong |
43% |
2970 |
3000 |
30 |
|
Jiangsu |
43% |
2960 |
2960 |
30 |
|
Guangdong |
43% |
2920 |
2910 |
0 |
|
Prices are representative and are for reference only. RMB1=US$0.1558 (Jun 4) | ||||
Market analysis
Over the week, prices of CBOT July soy futures slid 1.9%.
Trade was light as buyers held back purchases amid slow usages. However, crushers were cautious in cutting prices with the outlook of the soy market uncertain due to the trade tension between China and the US.
On average, soymeal prices increased 1% during the period in review.
Market forecast
Despite the recent week's rebound, soymeal market lacks stimulating factors to bring prices higher. With global soy futures weak, domestic feed demand slow and soymeal supplies ample, prices are likely to move lower in the coming week.
