September 14, 2022
China Soymeal: Prices rise 13% in seven weeks (week ended Sep 12, 2022)
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Over the week, the closing price of CBOT November soy futures slid 0.58%.
Even as soy prices softened in the global market, soymeal market in China strengthened significantly amid tight availability. Crushers, whose profit margins are thin, limited production supported prices to move higher amid stronger pre-festive sales.
Soymeal prices averaged RMB4,628/tonne, surging RMB145/tonne or 3.2% compared with the previous week.
Over the past seven weeks, soymeal prices have surged 13%. Soymeal market is set to stay firm with supplies limited and demand stable.
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