November 7, 2011
 
China Soymeal Weekly: Global commodities rout deflates market (week ended Nov 4, 2011)
 
An eFeedLink Exclusive
 
 
Price summary
 
Prices were mostly lower.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Oct 28
(RMB/tonne)

Price as of Nov 4
(RMB/tonne)

Price change
(RMB/tonne)

Heilongjiang

43

3,150

3,150

0

Liaoning

43

3,100

3,060

-40

Hebei

43

3,120

3,050

-70

Shandong

43

3,100

3,060

-40

Jiangsu

43

3,120

3,050

-70

Guangdong

43

3,070

3,060

-10

Prices are representative and are for reference only.
RMB1=US$0.1577 (Nov 7)


 
Market analysis
 
CBOT soy futures tumbled early in the week in a global commodities rout led by a stronger dollar, and as favourable weather aided South American soy planting progress. Domestically, flat seasonal feed demand and heavy soy stocks totalling over 6.5 million tonnes at major ports added pressure on China's soymeal prices.

 
Market forecast
 
USDA's upcoming November crop report, which is likely to show a bearish soy forecast amid sluggish US export demand and the prospect of a larger South American crop, may exert further pressure on China's soymeal market.   
 

 


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