November 17, 2008
China Soymeal Weekly: Prices fall on weaker CBOT soymeal futures (week ended Nov 14, 2008)
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Price summary
Prices were lower in most regions.
|
Weekly transacted prices of soymeal in China | ||||
|
Region |
Protein content
(%) |
Price as of Nov 7 (RMB/tonne) |
Price as of Nov 14 (RMB/tonne) |
Price change(RMB/tonne) |
|
Heilongjiang |
43 |
3,200 |
3,130 |
-70 |
|
Liaoning |
43 |
3,330 |
3,270 |
-60 |
|
Hebei |
43 |
3,300 |
3,280 |
-20 |
|
Shandong |
43 |
3,280 |
3,250 |
-30 |
|
Jiangsu |
43 |
3,300 |
3,250 |
-50 |
|
Guangdong |
43 |
3,250 |
3,200 |
-50 |
|
Prices are representative and are for reference only. RMB1=US$0.1465 (Nov 17) | ||||
Market analysis
CBOT soy prices fell on lower crude oil futures and a stronger U.S. dollar.
In China, soymeal prices dropped in reaction to global price movements, giving a slight boost to trading activities. However, feed millers remained cautious as feed demand showed no signs of improvement.
Meanwhile, supplies of soymeal from India are expected to increase. About 50,000-60,000 tonnes of soymeal will come in this month and more shipments will arrive in December.
Market forecast
In the near term, soymeal prices are expected to remain stable to lower.
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