September 5, 2023
China Soymeal: Prices surge 32% from Q2 low (week ended Sep 4, 2023)
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Over the week, the closing price of CBOT November soy futures decreased 1.3%.
On the back of soaring soy import costs, soymeal prices continued to climb for the ninth week, despite at a much slower pace following the previous week's 4.5% surge. From the yearly low during late Q2, soymeal prices have surged a whopping 32%.
Soymeal prices averaged RMB4,982/tonne, increased by RMB41/tonne or 0.83% compared with the previous week. Rising for nine consecutive weeks, prices have surged 26%.
With renminbi weak and the global soy market strong, soymeal prices are projected to stay firm in the coming period.
Full version of the report is available at: https://spoutinfo.com/market-forecast-detail/31/32/271/4970
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