March 31, 2021
China Soymeal: Prices plunge 23% from January peak (week ended Mar 29, 2021)
Over the week, prices of CBOT May soy futures dropped 1.1%.
Feed producers were reluctant to make purchases while stocks remained ample and the outlook of the hog market was uncertain due to the resurgence of African Swine Fever.
Due to limited soy shipments from Brazil, several crushers halted production of late.
Weekly soymeal prices plummeted a whopping on average. From early January's peak of RMB4,047/tonne, soymeal prices have dropped 23%.
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