July 19, 2023
China Soymeal: Prices surge 7% in two weeks (week ended Jul 18, 2023)
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Over the week, the closing price of CBOT November soy futures surged 4%.
As global soy prices surged over 20% since early June, crushers lifted the prices of soymeal for the second week to sustain profit margins. However, following the previous week’s 6% upsurge, price hike slowed over the week.
Soymeal prices averaged RMB4,231/tonne, increasing RMB33/tonne or 0.79% compared with the previous week. Year-on-year, prices were 2.2% higher.
Over the past two weeks, soymeal prices have increased almost 7%. Soaring soy costs will continue to underpin soymeal prices in the coming period.
Full version of the report is available at: https://spoutinfo.com/market-forecast-detail/31/32/271/4918
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