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June 23, 2020                  


China Soymeal Weekly: Prices consolidate lower on cautious demand (week ended Jun 22, 2020)


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Market analysis

China held its second round of reserves soy auction on June 19. With demand robust, closing prices were high and the 47,579 tonnes offered were fully sold within minutes.


Nonetheless, soymeal market remained weak as feed producers were reluctant to stock high inventories with animal feed sales sluggish.


Meanwhile, China would be holding its third reserves soy auction, offering 32,613 tonnes, on June 23.


Full version of the report is available at https://spoutinfo.com/market-forecast-detail/31/32/271/1917

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