February 6, 2024


China Soymeal: Prices plunge17% entering 2024  (week ended Feb 5, 2024)


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Over the week, the closing price of CBOT March soy futures slid 1.7%. Since mid-November 2023, soy prices have tumbled 17%.


Prices of soymeal, which have been falling entering 2024,  continued to tumble over the week. With the livestock prices staying weak despite pre-festive stimulation, feed producers were reluctant to stock high soymeal inventories, particularly as global soy market stayed weak.


Compared with December 2023's closing prices, soymeal prices have plummeted 13.5%.


Soymeal prices averaged RMB3,400/tonne, sliding RMB94/tonne or 2.7% compared with the previous week. Year-on-year, soymeal prices were lower by 27%.


Tumbling global soy prices, in conjunction with a weak livestock market and fears of China's economic downturn, will exert pressure on the soymeal market.

 

 

Full version of the report is available at:  https://spoutinfo.com/market-forecast-detail/31/32/271/5167
 

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