Chinese soymeal prices just can’t seem to find a bottom! This week China’s domestic cash meal market dropped to its lowest level since 2010 – down nearly 45% in the past year. Most of the decline can be based on a declining Chinese pig herd, but record large soybean imports are adding insult to the tepid demand profile. Research argues that Chinese soymeal is likely to drop another 200-300 yuan by mid-summer. This is one reason why Chinese soy importers are going slow with coverage beyond July!
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