October 24, 2008
 
China Rapeseed Meal Weekly: Fall in demand drove prices further downward (week ended Oct 23, 2008)           


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Price summary
 

Weekly transacted prices of rapeseed meal in China

Region

Protein content
(%)

Price as of Oct 16 (RMB/tonne)

Price as of Oct 23 (RMB/tonne)

Price change (RMB/tonne)

Jiangsu

36

2,500

2,400

-100

Anhui

36

2,520

2,400

-120

Hubei

36

2,400

2,300

-100

Hunan

36

2,480

2,400

-80

Sichuan

36

2,300

2,220

-80

Guangdong

36

2,650

2,500

-150

Prices are representative and for reference only.
RMB1=US$0.1462 (Oct 24)
 

Market Analysis
 

The Chinese government's open market purchase of key agricultural products caused soymeal spot prices to spike. But due to the current global financial crisis, unstable futures markets and sharp decline in oil prices, protein meal markets were generally weaker. Prices of rapeseed meal fell by RMB80-150/tonne.

 
 

Market forecast
 

Prices are seen to soften further as animal rearing activity weakens and feed millers scale down production.


 

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