Chinese Soybean Meal Prices Rise as Corn Remains Stable

Soybean meal prices in China continued to rise in late September, while corn prices remained stable. The average soybean meal price reached 3.41 yuan/kg, up 0.9% week-on-week and 4% year-on-year.

The average corn price held at 2.45 yuan/kg and was 1.2% lower year-on-year in key producing regions in northeastern China, where the price remained unchanged at 2.31 yuan/kg.

Higher soybean meal prices are already beginning to feed through into compound feed costs. The average price of feed for laying hens rose by 0.3% over the week and by 0.6% year-on-year to 3.25 yuan/kg, while feed prices for pigs and broilers remained stable at 3.36 and 3.49 yuan/kg, respectively.