September 1, 2020
China Soymeal: Global soy futures rally underpins China soymeal market (week ended Aug 31, 2020)
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Over the week, prices of CBOT November soy futures surged a whopping 5%, hitting seven month highs amid speculations of low harvests in the US due to dry climates.
In China, state soy reserves auctions out a lid on prices. However, as US soy futures prices rose tremendously. Crushers, who were wary of rising costs of soy imports, held prices stable over the week.
Soy imports are projected at 10.35 million tonnes and 8.9 million tonnes during August and September respectively.
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