January 17, 2008

China soy oil price hikes boost processing industry

China's soy oil price which soared in December 2007, fueled the profits of the soy oil processing industry, according to the State Grain and Oil Information Centre (SGOIC).

SGOIC reports showed that the first grade soy price in December increased 14.3 percent over that at the end of November, which relieved the negative impact on soy processing brought by the 2.1-percent drop in the price of soy pulp in China.

Domestic soy processing reaped profits of around RMB197.3 (US$27.26) per tonne in the plants in Heilongjiang, northeast China. The price is RMB120 (US$17) per tonne higher than that at the end of November.