China Eyes Indian Soymeal

Current Indian offers are now around $310 a tonne C&F China down from over $320 at the start of the week, but the really strong demand is lurking below $300, they said.

Indian exporters said on Friday that they had so far signed contracts for 1,50,000 tonnes of soymeal for Nov to Dec shipment, mainly to China and Indonesia.

But the Chinese appear under no pressure to buy in larger quantities with Hong Kong traders reporting on Tuesday that around 6,00,000 tonnes of South American and US-origin soymeal was expected to arrive in Chinese ports by mid-September.

S E Asian buyers have also largely stayed away from the soymeal market in the face of the Indian rally, although there was talk that Malaysia may now have concluded an anticipated purchase of between 1,20,000 to 1,50,000 tonnes for Nov/ Dec shipment.

 

Local Indonesian prices have been weighed down by a reported 60,000 tonnes of 44 per cent protein

Argentine soymeal imported in August, which was quoted at 790 rupiah a kilo compared with 820 rupiah last week. Indian 48 per cent protein soymeal was quoted at 805 rupiah a kg.