September 29, 2022
China Soymeal: Prices approaching March historic high (week ended Sep 26, 2022)
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Over the week, the closing price of CBOT November soy futures dropped 1.6%.
Despite weaker global soy prices, soymeal market in China remained robust amid tight availability and stable pre-October holiday sales.
Soymeal prices averaged RMB5,095/tonne, increased sharply by RMB247/tonne or 5.09% compared with the previous week. Surging 24% over the past nine week, soymeal prices were less than 2% away from March's record high.
With prices approaching March's historic high, buyers will be cautious in soymeal purchases. However, with supplies tight and output costs high, crushers will stand firm in the coming period.
Full version of the report is available at: https://spoutinfo.com/market-forecast-detail/31/32/271/4393
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