December 29, 2020
China Soymeal: Prices surge on soaring soy import costs (week ended Dec 28, 2020)
Over the week, prices of CBOT March soy futures increased 3.3%.
As CBOT soy futures market continued to rally, soymeal prices increased sharply amid higher import costs. Moreover, Russia has imposed a steep 40% export tax on soy bean starting February 2021. China, the largest soy buyer of Russia, imports 600,000-800,000 tonnes a year. Soy costs are therefore expected to rise prominently in the coming period.
Weekly soymeal prices surged tremendously by 5.5% on average.
Full version of the report is available at: https://spoutinfo.com/market-forecast-detail/31/32/271/2713
All rights reserved. No part of the report may be reproduced without permission from eFeedLink.
