July 20, 2022
China Soymeal: Prices rebound on improved demand (week ended Jul 18, 2022)
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Over the week, the closing price of CBOT November soy futures plummeted 3.9%.
Demand for soymeal improved amid higher production of aqua feed. Moreover, feed producers were more confident to make purchases with hog prices surging and poultry farmers expanding inventories.
Soymeal prices averaged RMB4,142/tonne, rebounding RMB72/tonne or 1.8% compared with the previous week.
Soymeal, which have plummeted almost 50% in price since March, will see stronger demands. Prices are expected to consolidate higher in the coming week.
Full version of the report is available at: https://spoutinfo.com/market-forecast-detail/31/32/271/4255
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