December 23, 2011
China Soymeal Weekly: Prices tick up on CBOT soy gains (week ended Dec 23, 2011)
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Price summary
Prices were higher.
|
Weekly transacted prices of soymeal in China | ||||
|
Region |
Protein content (%) |
Price as of Dec 16 |
Price as of Dec 23 |
Price change |
|
Heilongjiang |
43 |
3,050 |
3,060 |
10 |
|
Liaoning |
43 |
2,980 |
3,000 |
20 |
|
Hebei |
43 |
2,840 |
2,930 |
90 |
|
Shandong |
43 |
2,800 |
2,820 |
20 |
|
Jiangsu |
43 |
2,760 |
2,820 |
60 |
|
Guangdong |
43 |
2,760 |
2,780 |
20 |
|
Prices are representative and are for reference only. | ||||
Market analysis
China's soymeal prices ticked up over the week, tracking higher CBOT soy amid South American weather concerns.
However, the rebound was capped by large domestic soy supplies, with December imports estimated at around six million tonnes, as well as weaker-than-expected restocking efforts, as feed millers worried that the post-festive feed demand would be poor.
Market forecast
With demand staying tepid and short-term supplies set to rise as crushing rates pick up, soymeal prices lack the support to push higher in the coming week.
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