China soymeal prices hit record highs, deal fresh blow to hog sector - BusinessWorld Online

last week on concerns about the scale of South America’s drought-hit soybean crop and tightening meal supplies in domestic markets.

Worries about how smaller South American crops will tighten the global soybean balance was the main driver behind the meal rally, although tightness in the domestic meal market was also supportive, analysts and traders said. Strong international soybean prices alongside relatively weak domestic soymeal prices since mid-2021 have pressured crushing margins in China, and most crushers faced hefty losses late in the year. Margins have recovered to positive territory this year, but remain well below the long-term average, stifling crusher appetite for soybeans.

Some have already left, after months of negative margins last year and widening losses in 2022. Farmers in Shandong, a major hog producer, were losing 288 yuan with each pig raised this week. The woes are expected to continue as China entered the traditionally weak consumption season after the Spring Festival holiday while meal prices push higher.

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