June 30, 2021
China Soymeal: Ample supply, cautious demand (week ended Jun 28, 2021)


Over the week, prices of CBOT November soy futures closed lower by 3.3% compared with the previous week.


Although hog inventories have recovered to pre-swine epidemic levels in China, Chinese feed producers were prudent in stockpiling soymeal as hog prices plummeted relentlessly. Soymeal prices continued to inch higher, gaining 0.70% since late May.


Soymeal production will remain high amid abundant soy supplies. With hog feed producers treading cautiously, soymeal prices are unlikely to surge tremendously in the near term.


Full version of the report is available at:  https://spoutinfo.com/market-forecast-detail/31/32/271/3277