December 13, 2011

China Soymeal Weekly: Market lacks momentum amid subdued demand (week ended Dec 9, 2011)

An eFeedLink Exclusive
 

Price summary

Prices were higher.
 

Weekly transacted prices of soymeal in China

Region

Protein content (%)

Price as of Dec 2
(RMB/tonne)

Price as of Dec 9
(RMB/tonne)

Price change
(RMB/tonne)

Heilongjiang

43

3,100

3100

0

Liaoning

43

2,960

2,980

20

Hebei

43

2,900

2,900

0

Shandong

43

2,850

2,850

0

Jiangsu

43

2,850

2,800

-50

Guangdong

43

2,820

2,840

20

Prices are representative and are for reference only.
RMB1=US$0.1572 (Dec 13)

 

Market analysis

Soymeal prices consolidated after the recent week's rise. Reluctant to accumulate high stocks, most buyers withheld purchases after securing sufficient supplies.

This year's soy import of China is estimated at 5.20 million tonnes, almost 300,000 tonnes below last year's level, due to decimated feed demand.
 

Market forecast

With port soy inventories high and another 500,000 tonnes expected to reach China's shores in December, excess supplies of soy and consequently soymeal will weigh on soymeal market.
 

 


All rights reserved. No part of the report may be reproduced without permission from eFeedLink.