October 18, 2023
China Soymeal: Prices tumble 13% in six weeks (week ended Oct 16, 2023)
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Over the week, the closing price of CBOT November soy futures rebounded by 1.1%.
Low global soy costs, in conjunction with cautious feed sales, dragged down soymeal prices prominently in China. Over the past six weeks, soymeal prices have plunged 13%.
Soymeal prices averaged RMB4,331/tonne, plummeting RMB260/tonne or 5.7% compared with the previous week. Year-on-year, soymeal prices were lower by 20%.
Soymeal market is set to remain weak in the near term. However, price falls will be limited following the recent sharp decline.
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