October 7, 2022
China Soymeal: Prices break new highs (week ended Oct 3, 2022)
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Over the week, the closing price of CBOT November soy futures slid 1.1%.
With supply tight and demand stable, soymeal prices remained firm despite dropping global soy prices. Soymeal prices broke new records, after soaring 27% in ten weeks.
Soymeal prices averaged RMB5,206/tonne, rising by RMB110/tonne or 2.2% compared with the previous week.
Soymeal sales are set to slow as prices hit new highs. Prices are likely to consolidate lower in the near term.
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