Cash basis for soymeal trades in the Chinese domestic market rebounded sharply this week as stringent measure against Covid outbreaks in northern China continue to interrupt flows of the product.
Spot basis for soymeal in the city of Tianjin in northern China climbed above 900 yuan/ton (against Dalian futures) on Tuesday, hitting the highest level on record, according to traders.
This was up nearly 50% on the day.
Basis in Dalian, the trading hub for China’s northeastern region, also reached a n...