Animal Feed Ingredient Market Information In China On November 6, 2020
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Feed Ingredient Price List on November 6, 2020 | ||||
Variety | Today AVG. Price(RMB) | Yesterday AVG. Price(RMB) | Growth | Unit |
Corn/Maize | 2462.71 | 2464.16 | -1.45 | RMB/MT |
Soybean Meal | 3260-3330 | 3280-3350 | -20.00 | RMB/MT |
Rapeseed Meal | 2482.00 | 2477.00 | +5.00 | RMB/MT |
Cotton Seed Meal | 2643.00 | 2643.00 | +0.00 | RMB/MT |
DDGS | 2291.00 | 2291.00 | +0.00 | RMB/MT |
Peruvian Steam Dried Fish Meal | 11800-12000 | 11800-12000 | +0.00 | RMB/MT |
Data Source: China Feedtrade Net Exchange Rate: 100USD=662.90RMB | ||||
Market Comments and Concern
Soybean Meal
The overnight US soybean price reached record high in the past 4 years. After Joe Biden won the key swing states of Michigan and Wisconsin, it is more and more possible for him to win the US election, which means a larger scale financial incentive would be applied in America. As a result, the overnight US dollar exchange rate fell down and US stock market increased 300 points. Meanwhile the future US soybean price soared.
However, the e-market and Dalian market were relatively rational and went slightly stronger. After the surge of prompt soybean meal price yesterday, today the rise was stopped and even a price reduction was watched in some regions. The end market apparently would wait and see the election result rather than accept and recognize the surge in a short term. Since the election result is yet clear, the future US soybean price will also be frequently shocking along with the votes of Trump and Biden. The prompt soybean meal price in China will also be profoundly affected.
Source: China Feedtrade Net
