October 10, 2016
China Soymeal Weekly: Light trade holds prices flat (week ended Oct 9, 2016)
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Price summary
Prices were mixed.
|
Weekly transacted prices of soymeal in China | ||||
|
Region |
Protein content (%) |
Price as of Sep 25 |
Price as of Oct 9 |
Price change |
|
Heilongjiang |
43% |
3,650 |
3,600 |
-50 |
|
Liaoning |
43% |
3,300 |
3,330 |
30 |
|
Hebei |
43% |
3,320 |
3,240 |
20 |
|
Shandong |
43% |
3,250 |
3,200 |
-50 |
|
Jiangsu |
43% |
3,310 |
3,280 |
-30 |
|
Guangdong |
43% |
3,370 |
3,310 |
-60 |
|
Prices are representative and are for reference only. | ||||
Market analysis
November CBOT soy futures were range bound over the past two weeks as speculators withheld trading amid cautious mood.
Prices of soymeal moved within a narrow range as a result while demand was light before and during the October long holidays.
Meanwhile, soy imports are projected at 6.45 million tonnes during October, higher than September's 5.86 million tonnes.
Market forecast
Soymeal market is poised to remain weak while domestic livestock feed demand remains flat during October. Moreover, supplies are expected to be abundant with imports increased.
