August 23, 2023


China Soymeal: Prices on track to breaking 2022 highs (week ended Aug 21, 2023)


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Over the week, the closing price of CBOT November soy futures rebounded 3.5%.


As the cost of soy increased due to a weakening renminbi and a strong global soy market, crushers continued to lift soymeal prices over  the week. Compared with a year ago, soymeal prices were higher by 11%.


Soymeal prices averaged RMB4,729/tonne, increased by RMB112/tonne or 2.4% compared with the previous week. Rising for seven consecutive weeks, prices have surged 19%.


Soymeal market is set to remain firm with the cost of imported soy staying high. Soymeal prices are likely to break the highest record set in Q4 2022.

 

 

Full version of the report is available at:  https://spoutinfo.com/market-forecast-detail/31/32/271/4970 


All rights reserved. No part of the report may be reproduced without permission from eFeedLink.

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