August 18, 2020
China Soymeal Weekly: Ample availability weighs down prices (week ended Aug 17, 2020)
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Over the week, prices of CBOT November soy futures surged 3.6%.
Even as global soy price strengthened lately, China's soymeal market weakened as state soy auctions increased supplies considerably. Moreover, crushers inventories expanded amid expanded output and cautious demand.
Ample supplies of soy and soymeal will hold down soymeal in the near term. However, in the longer term, with local soy harvests expected to be low and the costs of global soy beans increased, soymeal prices should move higher.
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