Aug 2, 2021
China Soymeal: Cautious mood curtails demand (week ended Aug 2, 2021)
Demand for soymeal was weak as hog farmers suffered substantial losses. Furthermore, feed producers were worried that the severe floods in Henan province, which produces about 10% of hog in China, would further weaken the demand for hog feed. Prices of soymeal dropped amid slack sales over the week as a result.
Feed producers have stepped up production of feed to 139.33 million tonnes during the first half of 2021, higher by 21% compared with Jan-Jun 2020. With hog feed demand set to slow, feed producers will cut output, and hence limit the sales of soymeal in the coming months.
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