BEIJING: China's soymeal futures soared on Friday to their highest levels since July 2016, tracking US soy jump after a bullish plantings forecast
The most active soymeal contracts on the Dalian Commodity Exchange (DCE) for September delivery jumped 4.63 percent to 3,162 yuan ($504.4) per tonne by midday close, their biggest daily jump on record
The rise was mainly boosted by a rally in CBOT soybean and soymeal prices, analysts and traders said
US soybeans surged more than 2 percent while soymeal futures climbed over 3 percent after the US Department of Agriculture stunned traders by projecting a year-on-year decline in soybean plantings
Chinese soymeal prices rally also happened amid concerns that a China-US trade spat might spread to soybeans
The most active soybean futures on DCE for delivery in May also jumped 1.87 percent to 3,808 yuan per tonne, their highest level since November last year.
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