September 8, 2020
China Soymeal: Market strengthens amid concerns of high soy import costs (week ended Sep 7, 2020)
Over the week, prices of CBOT November soy futures rose further by 1.9%, reaching levels unseen since June 2018.
Although China government continued to release state reserves in efforts to tame inflation, soymeal prices moved higher as buyers stocked inventories in view of higher prices with global soy futures prices surging.
Meanwhile, soymeal inventories in the major southern coastal cities totalled 1.20 million tonnes as of late August, some 55% higher on-year.
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