Animal Feed Ingredient Market Information In China On November 11, 2020
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Feed Ingredient Price List on November 11, 2020 | ||||
Variety | Today AVG. Price(RMB) | Yesterday AVG. Price(RMB) | Growth | Unit |
Corn/Maize | 2467.95 | 2472.42 | -4.47 | RMB/MT |
Soybean Meal | 3330-3360 | 3250-3310 | +50-80 | RMB/MT |
Rapeseed Meal | 2468.00 | 2458.00 | +10.00 | RMB/MT |
Cotton Seed Meal | 2613.00 | 2623.00 | -10.00 | RMB/MT |
DDGS | 2298.00 | 2291.00 | +7.00 | RMB/MT |
Peruvian Steam Dried Fish Meal | 11500-11600 | 11600-11800 | -100-200 | RMB/MT |
Data Source: China Feedtrade Net Exchange Rate: 100USD=660.70RMB | ||||
Market Comments and Concern
Soybean Meal
The overnight future US soybean price rose sharply to record high in the past 4 years because of the supply and demand report in November released by USDA. The yield reduced from 51.9 bushel per acre in October to 50.7 bushel per acre. Meanwhile, the inventory may reduce to 190 million bushel, which is the lowest level since year 2013/2014. Besides, though the implantation in Brazil and Argentina is speeding up, the potential impact of La Nina and drought weather is yet eliminated. If the yield in South America is inferior to the expectation, the market would turn to America.
In China, the future soybean meal price in Dalian market increased in line with US market. The prompt soybean meal price also increased 50-80RMB per ton driven by higher cost. However, with the sufficient soybean/soybean meal supply and lower importation cost, soybean meal price may not soar in a short term. But in the long term, the price will increase along with outer market, driven by importation cost.
Source: China Feedtrade Net
